The new year’s first GDT event saw the GDT Index lift 3.9%, marking the fourth consecutive event with a positive result for index.
WMP gained 3.0% or US$96/t to average US$3,306/t, with stronger gains for later delivery periods. SMP posted a healthy gain of 3.9% or US$114/t to average US$3,044/t. The result left a rising forward curve for regular product above US$3,300/t. Instant premiums were unchanged. Price gains were spread between about US$100-190/t, C2 posting a gain of US$100/t. The resulting forward curve improved after C2 below US$3,100/t.
As with the prior two events, fats improved with butter again the stronger of the two, further stretching the fat-equivalent discount for AMF. Butter posted a strong lift of US$305/t or a 7.2% gain to push the average to US$4,526/t, with healthy gains across contracts. C2 lifted US$315/t or 7.5% to US$4,520/t. The forward profile firmed slightly to US$4,550/t. AMF added 5.6% or US$244/t to average US$4,604/t, with solid gains that were stronger earlier. C2 added US$285/t to US$4,614/t, leaving a slightly weaker forward profile near US$4,600/t.
There were once again moderate gains across all Cheddar contracts as the average lifted 4.8% or US$185/t, and C2 picked up US$156/t to US$4,061/t. Gains were stronger later with C5 adding US$300/t to get close to US$4,200/t.