GDT #407 was another event with softer demand from North Asia and stronger Southeast Asia buying. However, any lift in demand was offset by seasonally higher product on offer. The index declined 4.9%, down for a third consecutive auction.

Fonterra C2 Regular WMP fell 4.5% to US$3,390/t, while instant WMP C3 settled at US$3,485/t, also down -4.5% from the previous auction. Meanwhile, Fonterra MH SMP C2 dropped 8.3% to US$3,100/t while European SMP was mixed. Arla MH C2 fell to US$3,050/t while Solarec C2 gained 6.0% to US$3,185/t. Fats were mixed, with Fonterra NZ C2 losing 9.6% to US$5,455/t, pulling the total average butter price negative despite higher EU prices. Fonterra C2 AMF rose 1.4% to US$6,585/t.

Average cheese prices reached lows last seen in October 2023, down -12.8% from the previous event. NZ Young Cheddar C3 was down to US$3,895/t as C2 prices were not published assessed as being non-market determined by GDT. Mozzarella prices increased, with Solarec EU Mozzarella C2 reaching US$3,885/t, up 2.0% from the previous event.

The average Lactose price continues to rise, increasing 1.8% to US$1,732/t.