GDT pushes to new highs

by | Mar 2, 2022 | GDT, Global

GDT event 303 reached an all-time high for the platform with a 5.1% leap. This was a driven by the strong demand across all commodities. Futures prices for milk powders and fats foretold most of this outcome and infer there is more to come.

SMP lifted 4.3% or US$186t on average to US$4,481/t, the 15th increase in this rally. Fonterra MH C2 gained US$250/t or 7% to US$4,540/t. The difference between NZ and EU SMP widened again – NZ product posted a US$54/t advantage, with Arla product adding just US$6/t on a simple average to US$4,243/t.

WMP rose 5.6% or US$254/t on average to US$4,757/t, with consistent gains across contracts. Fonterra Regular C2 added US$255/t to US$4,730/t.

There were mixed improvements in fat prices, as the price of butter remained significantly stronger, adding US$400/t on average to US$7,086/t. C2 added an average of US$445/t to US$7,120/t for the 11th and biggest gain in this rally. AMF posted another small increase compared to butter, with the outcome mixed across contracts to push later prices above US$7,100/t. AMF added US$159/t to average below the butter price at US$7,048/t, with C2 averaging a US$225/t gain to US$7,077/t.

Cheddar prices went nuts as buyers clamoured for the 498t available, averaging US$513/t to US$6,394/t. NZ young cheddar C2 added US$725/t to end at US$6,550/t.