The price index fell 0.9% at GDT #380 in what  was a mostly negative result for NZ product values. AMF was the only commodity that posted average gains, while EU products echoed firmer fat, SMP and cheese prices in line with recent wider market trends.

WMP  regular product gave up some of the previous event gains, to almost fall into line with last week’s Pulse, down 2.7% in C2, but later delivery prices lifted ~US$50/t to ease the decline in the forward curve (and flatter the average). Demand was strong early but faded as interest in even higher prices waned. Chinese involvement was slightly more than at #379, SE Asian buyers backed off, but Latam buyers took the most since November last year. SMP was mixed between origins, with NZ Medium Heat CP2 dropping 3% reverting to the Pulse outcome, well below pre-event futures, while later delivery prices posted mixed losses. EU product prices were around 2% higher in US dollar terms, averaging just under €2,400/t.

NZ butterfat was mixed. AMF nudged higher on strong demand, with a small gain in C2 but later prices lifted to flatten the forward curve. While demand remained strong for the small tonnage offered, NZ unsalted butter fell back below US$8,000/t, dropping almost 3% at C2. EU prices for C2 and 3 reflected the firmer local post-flush market, posting 1.2% gains, with C2 ending near €7,350/t. Chinese buyers took the biggest share in both fats.

Cheddar slumped, dropping 8.5% at C2, to go back to US$5,115/t, after the stunning result at #379 which may have reflected some earlier nervousness about accessing US product. EU Mozzarella was 2.4% firmer for C2, the highest price achieved since October 2024, with just short of 700t sold. Solarec product achieved €4,305/t, or the equivalent of US$2.20/lb, for a 5c/lb gain.