The index posted a small improvement of just 0.4% after small changes in both powders, but the overall event average was carried by improved butter and cheddar prices – and the dominance of Chinese buying of WMP.

SMP slid 0.5% or US$14/t to average US$2,851/t. The recent surge for C1 reversed, dropping 10.6% to $US2,885/t. Price changes were otherwise small, with C3 doing best, adding US$53/t. WMP lost just US$4/t to average US$3,037/t, with small changes across all contracts with the largest movement a rise of US$32/t in C5 to US$3,070/t.  

Butter gained US$117/t or 3.3% to average US$3,561/t, with improvements across all contracts. AMF lost 0.5% or US$21/t to average US$4,110/t, with small changes of similar scale across the board. 

Cheddar improved 3.0% or US$109/t on average, gaining in all contracts but C2 added just US$1/t to US$3,765/t.