The 340th GDT event achieved stronger gains in commodity prices with powders and fats posting moderate gains while cheddar was weaker. The index gained 4.6%.

SMP on average lifted 5% on stronger demand, Fonterra’s prices achieved a stronger gain, up more than 7% or US$160/t for C2 Medium Heat to achieve US$2,345/t, closing the gap on Arla prices which managed to lift above US$2,400/t. US product came back to GDT but achieved a dismal result, just above US$2,200/t for C2 MH product.

WMP prices lifted 4.6% on average, taking the C2 regular price above US$2,700/t, on improved starting demand. The forward curve was pushed above US$2,900/t for regular product. Chinese involvement in the event was the best since late 2020.

Butterfat prices made more impressive gains than the previous event, and AMF again achieved the better outcome but, in both cases, the C2 contract achieved a larger lift than the average. Butter averaged US$4,723/t, AMF reached US$4,787/t.

Cheddar price changes were all over the place for another small loss in the average but C2 dropped 3.7%, reversing the gain in the previous round. The C2 young cheddar price lost 3.7% to US$4,045/t.