GDT event #393 was another negative results for most products with the index shedding 4.3%.

WMP average prices declined for a seventh consecutive auction to the lowest since mid-2024. The NZ regular CP2 contract fell by 2.2% to US$3,330/t with declines across all contract periods. Instant WMP also declined in an event where Chinese buying accounted for half the WMP sold. NZ medium heat SMP moved 1.8% lower on average with the majority of product snapped up by Chinese buyers.

NZ butter prices fell significantly – the average CP2 lost 12.3% to US$5,140/t as Chinese butter purchases slumped to its lowest in months, while SW Asia buying picked up. AMF prices fell almost 10% on average with falls above +10% for CP3 to CP6. CP2 lost 9.4% to US$5,922/t with the AMF discount to butter narrowing even further to US$209/t.

Cheddar staged a rebound with average prices lifting +7.0%. The CP2 rose 6.4% to US$4.595/t. EU mozzarella declined but not across the board. Arla mixed origin CP2 and CP3 product fell by around 1%. Solarec prices picked up marginally. Lactose gained 4.2% on average to US$1,250/t.