The latest GDT event #361 was more positive than negative for sellers with mixed results across commodities pushing the overall index up 0.6%.

WMP was stronger across all contracts with a welcome return of stronger Chinese buying. WMP averaged US$3,259/t, up 3.7%. SMP prices fell 1.0% to average US$2,539/t with NZ SMP prices losing 2.2% in the C2 Medium Heat category, while EU product fared far better this time.

Butterfat prices were mixed, as butter suffered from weaker demand despite Chinese buyers stepping back in to take the highest tonnage in 15 events. Butter prices fell 1.8% to average US$6,489/t, while AMF prices averaged US$6,912/t, up 2.2%. 

Cheddar prices moved higher on average, but price gains were stronger for later deliveries, which flattened the forward price curve. Prices rose 1% to US$4,275/t. Mozzarella surged 8.4% to US$4,580/t which more than exceeded the recent EU spot quotes.