The overall price index lifted 1.6% at GDT event #378, driven by firmer NZ WMP and AMF prices. EU product prices contributed with moderate rises in US dollar terms on small underlying changes.

SMP prices firmed a little, with NZ Medium Heat adding 1% or US$30/t at C2, while later delivery gains were stronger. EU product was on average 1% weaker in Euros, but the currency shift pushed EU results almost 4% higher in US dollar terms. WMP Regular was 2.5% firmer on average, adding more than 3% at C2 to the previous auction and last week’s Pulse. European WMP lost €85/t for C2, but in US dollar terms this converted to a 3% gain.

NZ AMF gained more than 2% across the forward curve, while butter made small gains in early contracts, but was weaker in C3 and C4. EU product fell slightly to €7,300/t at C2, but  this converted to almost a 5% or US$370/t gain in US dollar terms to above US$8,250/t.

Cheddar was a little weaker as prices slipped below $5,000/t across C1 to 3 and Mozzarella prices were slightly firmer in €/t terms, but gains were better than 5% in US dollar terms for C2 to average US$4,745/t. Lactose surged, perhaps the only direct and obvious effect of the higher cost of US product post-”Liberation Day” as China dominated the buying, jumping 22% to US$1,372/t—the highest since July 2022.