As was widely expected—the price index faltered at GDT #389, down 1.6% on weaker demand dynamics and increased volumes.

WMP was down 2.5% to average US$3,696/t on stronger offer volumes which are almost at the season peak. China activity pushed higher, accounting for just over half of volume – the strongest engagement since late 2024. NZ SMP delivered mixed results with nearby contracts falling modestly, while CP4 contracts and beyond ticked up. C2 NZ MH SMP fell 0.4% from the prior auction to US$2,600/t. EU product recorded bigger losses between 4.8% and 6%.

NZ butter contracts slumped in event 389, falling 2.6% from the prior auction to average US$6,712/t . NZ CP2 butter declined 3.1% to US$6,720/t, the lowest price since Dec 2024. AMF added 1.7% to average US$6,916/t.

NZ Cheddar CP2 price fell 0.3% from the prior event to US$4,825/t, but was +0.9% on average across all contracts. EU Mozzarella prices declined sharply for the second auction in a row. Solarec product dropped nearly 12%, or US$450/t from GDT #388 event to US$3,410/t (€ 2,919/t). Lactose was not offered.