A fall in WMP prices was sufficient to pull the event index 1.5% lower this time, the first fall since the first event of August.

SMP gained just US$24/t on average to US$3,745/t the 10th average price gain in this rally. Fonterra MH C2 gained US$20/t to US$3,695/t, giving a firmer forward curve above US$3,800/t for C5. The discount for NZ product against EU SMP was slightly lower than the last event, Arla product adding US$4/t on average to US$3,770/t.

Weaker demand from outside Chinese caused WMP to lose US$141/t or 3.5% on average to US$3,867/t, with consistent losses across contracts. Fonterra Regular C2 lost US$125/t to US$3,835/t.

There were small increases in fat prices. Butter added 1.0% or US$607/t on average to US$5,851/t, with consistent gains across all contracts. C2 added US$60/t to US$5,835/t for the 6th consecutive price gain. AMF gains were similar, adding US$56/t or 0.8% on average to US$6,724/t, posting inconsistent changes, leaving weaker prices for later deliveries. C2 added US$61/t to US$6,762/t.

Cheddar results were again mixed with a US$21/t gain to average US$5,241/t. NZ young cheddar C2 added US$5/t to end at US$5,265/t.