There was a lot more action at GDT event #287 compared to the dull outings in the previous few as the index shed 3.6%.

SMP suffered its worst % fall since March 2020, dropping $230/t or 6.9% on average to US$3,126/t. Fonterra MH C2 lost US$270/t to US$3,175/t, with similar losses in C3 and C5. European SMP did a lot better to lose only US$148/t.

WMP lost US$133/t on average to US$3,864/t, with worst losses in later contracts. Regular product C2 WMP lost US$170/t to US$3,875/t. Instant product prices in C1 and C2 didn’t fall as far and restored the typical premium above regular product.

Fats prices continued to slide. Butter again took a bigger hit to lose US$154/t or 3.3% to average US$4,458/t, with inconsistent losses across contracts. C2 did by far the worst losing US$232/t to US$4,373/t. AMF lost US$55/t on average to US$5,632/t, but the damage was done to early delivery periods which were elevated coming into this event. C2 dropped US$200/t to US$5,650/t, while C1 fell US$229/t but ended at US$6,088/t.

There was 1,072t of cheddar sold across six contracts for an average of US$3,949/t, down US$379/t on #286, with C2 achieving US$4,095/t. Prices for C3 and C4 deliveries were cut by US$439/t (to US$3,916/t)  and US$550/t (to US$3,767/t) respectively.