GDT prices continued to weaken on soft demand with the index down 1.4% at GDT #390, the only exception this time was in AMF and some EU SMP origins.   

NZ WMP declined on average by 2.3% from the prior auction TO us$3,610/t on weaker than average demand. NZ SMP was also weaker across all contracts, CP2 NZ MH losing 1.7%to US$2,555/t. C2 prices for European product were steady to higher

Average butter price fell just 0.7% to average US$6,662/t, but EU product values were lower. AMF ended higher overall, up 1.8% to average US$7,038/t. China dominated the butter trade, with SE Asia and Middle East led AMF buying. The AMF discount to butter on butterfat terms has continued to shrink, this time below US$1,000/t, the lowest since the first event of the year.

Cheddar was weaker across the board, but losses remain mild compared to much lower US and EU quotes with a NZ young cheddar C2 price of US$4,750/t. EU Mozzarella prices continued to weaken, but only Solarec prices were published at this event, down more than 5% to US$3,230/t. Lactose was not offered for the sixth successive event.