GDT event #291 posted a 4% increase in the price index, on a larger overall offering of 25,093t compared to #290. Powders provided the strongest percentage gains despite the lower involvement of Chinese buyers. Demand was better across the board and the event achieved the rare spectacle of gains in all contracts in all major commodities (except BMP)!

SMP lifted strongly, adding US$222/t or 7.3% on average to US$3,274/t, while the gains were mixed at the supplier level. Chinese buyers stepped back while SE Asia & Oceania more half the sales.  

WMP steadied after two months of average price falls, posting a US$139/t or 3.3% gain on average to US$3,691/t. Early-round demand was well above average, with near 1,020t more sold compared to #290. Chinese buyers took the lowest tonnage at this event since 2015 as buyers in SE Asia and Middle East stepped up.

Both fats improved once again. Butter gained US$177/t to average US$4,948/t, with stronger gains in later contracts, lifting the forward curve to a flatter line (after #290) under US$5,000/t. C2 added US$124/t to US$4,905/t, the weakest price outcome from the event. AMF added $179/t on average to $5,970/t, with consistent gains across C1 to C4, while C2 added $206/t to $5,993/t. The forward curve is slightly weaker to near $5,950/t.

Cheddar posted another gain of US$144/t on average to US$4,328/t. C2 prices caught up this time, adding US$280/t, but smaller gains for other periods, leaving a flat forward curve mostly under US$4,350/t. Lactose added US$70/t or 6.4% to US$1,167/t, with Chinese buyers taking 60% of sales.