GDT event #366 produced a slightly negative result with the index down 0.3%  with complexity in the detail.

SMP was again weaker, losing 1.8% on average to US$2,745/t as demand wasn’t enough to pull finishing prices higher. The WMP outcome was more positive than the flat result suggests. Prices changed little across most contracts as offered volumes increased and starting demand was below average. WMP prices averaged US$3,553/t, down 0.2%.

Butterfat was mostly positive for NZ product, but the index fell on heavy losses in EU product. AMF prices were generally better, gaining 0.2% on average to US$7,229/t. Butter rose 1.4% to average US$6,495/t.

Cheddar lifted again to be above the US market where short-term prices continued to weaken. Prices averaged US$4,702/t, lifting  2.1%. While Mozzarella continued to weaken with the sliding EU market, down 8% to US$4,559/t.