The GDT price index fell 0.9% on a larger offering of 23,119t.

Later delivery contracts dragged the average WMP price down 2.2% to US$3,173/t. SE Asia took the largest share, although not the tonnages purchased at the same event last year, while Chinese buyers backed off.

SMP prices fell marginally, by 0.4% to average US$2,755/t. The differential between NZ and European SP prices widened with Arla product losing US$66/t on average, while Fonterra product added US$70/t.

Fat prices rose, with butter gaining US$20/t to average US$5,088/t while AMF added US$128/t to average US$4,728/t. Overall butter demand was better than GDT average. The AMF discount dived further, taking the fat-equivalent AMF price well past US$1,500/t lower than butter.

Cheddar prices this time defied the weakness in US spot and nearby futures cheddar prices as Young Cheddar lifted by US$260/t on average US$4,668/t, helped by an extreme result for C1.