The continuing bullish settings in the world market that have changed little in recent weeks converted into the biggest lift in the GDT index of 4.3% since March this year.

SMP jumped 6.6% on average to US$3,627/t across all products with consistent changes across contracts. Fonterra MH C2 gained US$240/t to US$3,630/t. WMP was a relative disappointment, adding 3.1% on average to US$3,921/t, the highest average result in 9 events. Fonterra Regular C2 gained US$120/t to US$3,880/t leaving a relatively flat forward curve at or under US$3,900/t. BMP fell 3.8% to US$3,513/t, with the C2 price only achieving US$3,457/t.

Fats made solid gains once more in this event. Butter added 4.7% or US$239/t on average to US$5,350/t. C2 was the weakest mover, up US$150/t to US$5,280/t. AMF added US$233/t or 3.8% on average to US$6,384/t, weaker gains for later delivery, leaving a weaker forward curve.

Cheddar surged with a 14% leap on average of US$632/t to US$5,058/t. NZ young cheddar C2 added a stunning US$725/t to end at US$5,105/t, the best result since May 2019. Lactose was comparatively subdued and made a 1.1% gain or US$14/t to US$1,272/t.