The GDT price index fell -0.5%, the first negative move in six events, largely due to weaker WMP, offsetting gains in SMP and butter.

SMP prices fell rose US$44/t to average US$2,766/t, with demand holding on and pushing up later contracts at around US$3,000/t. Chinese buyers took the smallest tonnage since 2011, but SE Asian buying minimized the damage as European buyers also backed off.

WMP posted the first fall in six events, shedding US$84/t or 2.4% on average, landing at US$3,394/t. WMP demand was below average, as Chinese buyers had the 2nd lowest % involvement of 2024. SE Asian buyers stepped up to save the event accounting for almost two-thirds of the sales – easily the largest at this time of year.

Butter surged almost US$500/t to average US$7,350/t, with C1 to C3 contract prices the highest ever on GDT! Buying was spread across regions. The 19-event rally for AMF ended with a –1.4% average fall to US$7,317/t, but the losses were worst for earlier delivery periods. 

Cheddar edged lower this time, down –1% to average US$4,205/t without C2 offered and with mixed contract outcomes. Mozzarella was again not offered, while Lactose gained US$9/t to average US$801/t with all the sales going to China.