WMP and butter prices corrected at this week’s event, pulling the index 3.8% lower. Both posted moderate falls while other results were generally positive. The inevitable correction in WMP prices came as the major seller announced last week it was adding 3,500t of regular product to the event.
WMP came off its peak and lost 6.4% or US$281/t to average $4,083/t, with moderate losses across contracts. Regular product C2 WMP fell 6.8% or US$260/t to US$4,060/t. SMP gained 1.5% or US$48/t to average US$3,350/t, with the biggest gain in the average of C2 contracts with falls for later delivery periods. The NZ MH product posted only a small US$40/t gain to US$3,385/t.
Fats prices were mixed. Butter fell US$167/t or 2.9% to drop the average to US$5,659/t. This time C2 did the worst, dropping 4.5% or US$270/t to US$5,680/t. AMF prices added 3.8% or US$402/t to average US$6,155/t, with inconsistent gains across contracts, strongest for C1, weakest in C4, with C2 adding US$260/t to US$6,193/t.
There was only 80t of Cheddar sold for C6 at this event which achieved US$4,250/t which was slightly weaker than the results for C2 and C3 from the previous event. Lactose continued to surge, adding 8.9% or US$114/t at this event, to finish at US$1,392/t, a new GDT record price.