The GDT index lifted 4.3% at last night’s event with gains in all commodities and almost every single contract period.

SMP gained 3.6% or US$90/t to average US$2,889/t. Price gains were spread between about US$50-120/t, C2 posting a gain of 3.5% or $96/t. The NZ premium over EU product eased to US$140/t, this time as Fonterra’s MH product added US$105/t and Arla’s gained US$130/t.

WMP gained 4.8% or US$145/t to average US$3,182t, with moderate gains across all contracts that got better later. C2 regular gained 5.2% or US$155/t to US$3,160/t, while across all product forms the C2 average was US$3,170/t.

Fats again both improved this time with butter gaining the stronger of the two, extending the fat-equivalent discount for AMF. Butter posted a moderate US$148/t or 3.9% gain to average US$3,986/t, with solid gains for earlier delivery periods. C2 posted the best gain of US$180/t or 4.7% to a neat US$4,000/t. AMF added 2.5% or US$103/t to average US$4,278/t, with mixed gains that were stronger for later deliveries. C1 lost US$210/t after the freakish result at the previous event, leaving a flat forward profile around US$4,300/t. C2 made the weakest gain, up US$58/t to US$4,235/t.

There were encouraging and varied gains across all Cheddar contracts as the average lifted 2.6% or US$93/t, and C2 picked up US$72/t to US$3,714/t. Lactose bounced back at this event, the selling price gaining US$117/t to finish at US$1,004/t.