A last minute increase in Fonterra’s volume forecast, increased offerings of US NFDM both on and off the Chicago Mercantile Exchange and the Chinese New Year holiday led us to believe the major commodities were poised for weakness. But with slight price strength in WMP, Fonterra SMP, butter and only slight weakness on the other commodities, another record was set for the average winning price ($5,042MT, $2.29/lb) and we view this week’s GDT results to be bullish versus expectations.