The 292nd event index posted a 1% gain with the powders providing the gains despite the continued subdued involvement of Chinese buyers. WMP gave the best result a little better than futures market indicators with rising fat and protein values in the lead-up.

WMP gained 2.2% on average to US$3777/t, the 2nd lift in succession, values retracing 5 events. Fonterra Regular C2 added US$80/t to US$3,750, with gains in a tight range. The forward curve eased to US$3,730/t.

SMP gained 0.9% on average to US$3,302/t but the changes were mixed across contracts. Fonterra MH C2 added US$70/t to US$3,320/t, leaving a relatively flat forward curve but for a dip in C4. The NZ premium over EU product was unchanged (US$188/t) as Arla’s products averaged the same gain.

Fats were generally a little weaker. Butter lost 1.8% on average to US$4,857/t. C2 lost 1.3% or US$65/t to US$4,840/t, with heavier losses in C3 and C4. AMF lost just US$8/t on average to US$5,962/t, but it was a mix of small losses earlier and stronger improvements for later delivery, giving a slight lift in the tail of the curve. C2 lost US$40/t to US$5,953/t.

Cheddar confounded a little, but it often does, losing 1.3% or US$70/t on average to US$4,274/t; C2 lost US$70/t to US$4,240/t with milder impacts later and C5 leaving the best outcome at US$4,366/t. Lactose continued to steadily improve, gaining US$16/t to US$1,183/t.