GDT event #353 recovered part of the ground lost at the previous event, with the overall price index up 2.8%. Demand was  above average across commodities, most impressively in fats. Chinese involvement was better than the previous event, but still on the low side of GDT experience.

SMP averaged a small gain lifting 1.3% to average US$2,550/t, despite Chinese buyers buying the lowest tonnage since June last year. SE Asian involvements was also lower. WMP prices merely recovered some of the fall at the previous event, averaging US$3,246/t up 3.3%. There is some cause for optimism in that Chinese buyers lifted their involvement to account for half the event sales and bought a higher tonnage than at #352.

AMF continued its strong run with robust demand for the smaller volumes on offer. The average AMF price rose 2.1% to US$6,934/t with a relatively flat forward curve. Butter more than reversed recent small falls, rising 2.9% to average US$6,592/t.

Cheddar prices continued to be volatile, up 3.5% to US$4,340/t on average with moderate gains in C1-C3 and the C2 price now sitting US$1,100 above the CME spot Block price!