GDT event #364 was positive for powders and cheese, but weaker for fats as buyers recoiled from elevated prices. The overall price index lifting 0.8% on a seasonally high offering.

SMP was again the strongest performer but this time on weaker-than-average demand, with China making the biggest purchase for 11 years. On average, SMP prices rose 2.0% to US$2,809/t with steady increases across all contracts. WMP prices were slightly higher across all contracts, but demand was again below average. The average price lifted 1.5% to US$3,448/t.

Butterfat was generally weaker. Butter prices fell 1.9% to average US$6,546/t. Chinese buyers continued to dominate the butter trade, but demand was weaker than average. AMF prices were weakest for nearby shipments as C2 took the biggest hit, also taking the steepness out of the forward curve. Prices averaged US$7,220/t, down 1.2%.

Mozzarella stayed in line with the EU market, up 4.5% to US$5,375/t, close to recent EU trades. Lactose recovered some of its recent losses, up almost 4% to US$896/t, with Chinese buyers taking most of the sales.