There was a mixed set of results in event #374 which shaved 0.6% off the overall price index.  

SMP lost 2.9% on average to US$2,754/t with falls across all contracts. The outcome was expected with New Zealand’s unsustainable premium and the weaker market sentiment in the lead-up – despite the reduced volume offered. WMP price was steady with average early round demand and greater Chinese involvement. On average prices eased just 0.4% to US$4,153/t.

Butter rose 2.2% on average to US$7,378/t with strong demand for NZ product as prices firmed 2-3% across contracts. AMF eased 0.6% to average US$6,723/t with weaker starting demand, leaving the discount to butter at the highest ever on GDT.

Cheddar was weaker on average, losing 3.2% to average US$4,862/t with falls recorded across all contracts. Mozzarella was slightly weaker, averaging US$4,148/t. Lactose slipped $35/t but stayed above $1,000/t.