Thought it a good time for my "quarterly review". GDT 410 moved higher, but the real story sits underneath the index: powders strengthened, fats diverged, Europe tightened, and Q4 risk is beginning to change. There are moments in commodity markets when the headline moves first. And there are moments when the market changes underneath the headline before anyone is ready to admit it. I think we may be somewhere in between. For much of this summer, European dairy has felt strang