The GDT Index lifted marginally at event #400, edging up +0.1%.

Powders were mixed. Average WMP fell 4.0%, the first decline in WMP for the year. Demand was overall weaker for this event. Fonterra MH SMP C2 rose 6.2% to US$3,525/t despite the higher volumes on offer at this auction. Arla SMP C2 gained 4.0% to US$3,140/t. Butter prices were uneven, with NZ C2 lifting 1.2%, while Solarec EU C2 fell 8.3%. Average AMF prices were up once again, rising 6.4% to US$7,602/t. Weak North Asian purchases were supplemented by higher activity from the Middle East and Southeast Asia.

Cheese prices didn’t move the needle. The average cheese price rose 0.1% overall, with the NZ Young Cheddar C2 price losing 0.1%. Arla C2 Mozzarella dipped 0.2% to US$4,200/t ($1.91/lb). Lactose prices eased downward, falling 0.6% to US$1,450/t.