The sixteenth trading week of 2025 was largely positive across all major regions. Most contracts moved upward on SGX, CME, and EEX.The international futures landscape recovered following news from the Trump administration that trade tariffs would be postponed for 90 days. However, the situation remains volatile, with daily developments often contradicting earlier reports and creating uncertainty in the market.At the CME, most contract prices increased. Exceptions included all Butter contracts and Block Cheese C2 (unchanged) and C6 (down). Class IV C1 and Milk C2 also remained unchanged. CONTRACT CME Product Month 14/Apr 18/Apr ∆ ∆ % SMP April $2.596 $2.612 ↑ 0,64% May $2.590 $2.623 ↑ 1,30% June $2.646 $2.687 ↑ 1,56% July $2.702 $2.745 ↑ 1,57% Augustus $2.745 $2.788 ↑ 1,59% September $2.778 $2.822 ↑ 1,59% Average $2.676 $2.713 ↑ 1,38% Butter April $5.203 $5.181 ↓ -0,42% May $5.252 $5.194 ↓ -1,11% June $5.390 $5.313 ↓ -1,43% July $5.456 $5.412 ↓ -0,81% Augustus $5.545 $5.507 ↓ -0,68% September $5.607 $5.578 ↓ -0,53% Average $5.409 $5.364 ↓ -0,83% Whey April $1.043 $1.047 ↑ 0,42% May $948 $994 ↑ 4,88% June $992 $994 ↑ 0,22% July $998 $1.026 ↑ 2,82% Augustus $1.014 $1.026 ↑ 1,14% September $1.032 $1.036 ↑ 0,43% Average $1.004 $1.021 ↑ 1,61% Block cheese April $3.730 $3.739 ↑ 0,24% May $3.726 $3.726 ↔ 0,00% June $4.028 $4.067 ↑ 0,99% July $4.136 $4.140 ↑ 0,11% Augustus $4.169 $4.202 ↑ 0,79% September $4.235 $4.028 ↓ -4,89% Average $4.004 $3.984 ↑ -0,50% Milk class III April $38,03 $38,29 ↑ 0,70% May $38,89 $40,34 ↑ 3,74% June $37,99 $38,43 ↑ 1,16% July $39,15 $39,46 ↑ 0,79% Augustus $39,90 $40,30 ↑ 0,99% September $40,48 $40,78 ↑ 0,76% Average $39,07 $39,60 ↑ 1,35% Milk class IV April $39,55 $39,55 ↔ 0,00% May $39,66 $39,66 ↔ 0,00% June $38,80 $38,82 ↑ 0,06% July $39,59 $39,75 ↑ 0,39% Augustus $40,39 $40,50 ↑ 0,27% September $40,96 $41,12 ↑ 0,38% Average $39,83 $39,90 ↑ 0,18% The CME spot market showed mostly positive momentum. Butter prices declined, while Cheese Barrels held steady. CME Spot market Product 14/Apr 18/Apr ∆ ∆ % Dry Whey $1.025 $1.064 ↑ 3,76% Cheese Blocks $3.902 $4.045 ↑ 3,67% Cheese Barrels $4.056 $4.056 ↔ 0,00% Butter $5.175 $5.164 ↓ -0,21% SMP $2.574 $2.585 ↑ 0,43% With a GDT auction scheduled for next week, SGX futures recorded gains across the board, except for MILK 2025 contracts, which remained unchanged. SGX Product Month 14/Apr 18/Apr ∆ ∆ % SMP May $2.905 $2.985 ↑ 2,75% June $2.900 $2.980 ↑ 2,76% July $2.845 $2.925 ↑ 2,81% August $2.775 $2.880 ↑ 3,78% September $2.770 $2.870 ↑ 3,61% October $2.775 $2.855 ↑ 2,88% Average $2.828 $2.916 ↑ 3,09% Butter May $7.280 $7.480 ↑ 2,75% June $7.120 $7.380 ↑ 3,65% July $6.730 $7.080 ↑ 5,20% August $6.480 $6.645 ↑ 2,55% September $6.400 $6.505 ↑ 1,64% October $6.300 $6.415 ↑ 1,83% Average $6.718 $6.918 ↑ 2,96% WMP May $4.050 $4.155 ↑ 2,59% June $3.960 $4.110 ↑ 3,79% July $3.825 $3.950 ↑ 3,27% August $3.695 $3.815 ↑ 3,25% September $3.625 $3.720 ↑ 2,62% October $3.615 $3.690 ↑ 2,07% Average $3.795 $3.907 ↑ 2,94% AMF May $6.660 $6.820 ↑ 2,40% June $6.660 $6.920 ↑ 3,90% July $6.620 $6.810 ↑ 2,87% August $6.620 $6.775 ↑ 2,34% September $6.620 $6.700 ↑ 1,21% October $6.620 $6.700 ↑ 1,21% Average $6.633 $6.788 ↑ 2,32% Milk Sept '25 $10,15 $10,15 ↔ 0,00% Sept '26 $9,59 $9,75 ↑ 1,67% Sept '27 $9,11 $9,24 ↑ 1,43% The EU market was also mostly positive last week. Losses were recorded in all Skim Milk Powder (SMP) contracts and Liquid Milk C1, while Whey remained unchanged in both C1 and C2. EEX in EUR Product Month 14/Apr 18/Apr ∆ ∆ % SMP April €2.408 €2.400 ↓ -0,33% May €2.415 €2.390 ↓ -1,04% June €2.465 €2.413 ↓ -2,11% July €2.463 €2.423 ↓ -1,62% August €2.488 €2.456 ↓ -1,29% September €2.513 €2.481 ↓ -1,27% Average €2.459 €2.427 ↓ -1,28% Butter April €7.413 €7.415 ↑ 0,03% May €7.185 €7.300 ↑ 1,60% June €7.142 €7.290 ↑ 2,07% July €7.100 €7.256 ↑ 2,20% August €7.108 €7.250 ↑ 2,00% September €7.129 €7.250 ↑ 1,70% Average €7.180 €7.294 ↑ 1,59% Whey April €865 $865 ↔ 0,00% May €880 €880 ↔ 0,00% June €890 €895 ↑ 0,56% July €895 €910 ↑ 1,68% August €900 €925 ↑ 2,78% September €910 €935 ↑ 2,75% Average €890 €902 ↑ 1,31% Liq Milk April €52,80 €52,43 ↓ -0,70% May €52,02 €52,20 ↑ 0,35% June €51,61 €51,86 ↑ 0,48% July €51,46 €51,57 ↑ 0,21% August €51,40 €51,58 ↑ 0,35% September €51,47 €51,62 ↑ 0,29% Average €51,79 €51,88 ↑ 0,16% EEX Prices in USD EEX in USD euro/Dollar 1,1352 1,1396 Product Month 14/Apr 18/Apr ∆ ∆ % SMP April $2.734 $2.735 ↑ 0,05% May $2.742 $2.724 ↓ -0,65% June $2.798 $2.750 ↓ -1,73% July $2.796 $2.761 ↓ -1,24% August $2.824 $2.799 ↓ -0,90% September $2.853 $2.827 ↓ -0,89% Average $2.791 $2.766 ↓ -0,90% Butter April $8.415 $8.450 ↑ 0,41% May $8.156 $8.319 ↑ 1,99% June $8.108 $8.308 ↑ 2,47% July $8.060 $8.269 ↑ 2,59% August $8.069 $8.262 ↑ 2,39% September $8.093 $8.262 ↑ 2,09% Average $8.150 $8.312 ↑ 1,98% Whey April $982 $986 ↑ 0,39% May $999 $1.003 ↑ 0,39% June $1.010 $1.020 ↑ 0,95% July $1.016 $1.037 ↑ 2,07% August $1.022 $1.054 ↑ 3,18% September $1.033 $1.066 ↑ 3,15% Average $1.010 $1.028 ↑ 1,70% Liq Milk April $59,94 $59,75 ↓ -0,32% May $59,05 $59,49 ↑ 0,73% June $58,59 $59,10 ↑ 0,87% July $58,42 $58,77 ↑ 0,60% August $58,35 $58,78 ↑ 0,74% September $58,43 $58,83 ↑ 0,68% Average $58,80 $59,12 ↑ 0,55% Looking at price changes in 2025 compared to the last trading day of 2024, the weakest performance was seen in the US and the EU. In contrast, New Zealand posted strong gains across most products, except for Anhydrous Milk Fat (AMF), which edged slightly lower. Region Product Change 18/04/'25 VS 27/12/'24 USA SMP -10,64% BUTTER -10,64% WHEY -32,81% BLOCK CHEESE -3,80% MILK CLASS III -9,54% MILK CLASS IV -13,56% USA SPOT CALL MARKET WHEY -35,02% CHEDDAR BLOCKS -1,40% CHEDDAR BARRELS 5,14% BUTTER -8,82% SMP -15,58% NEW ZEALAND SMP 2,85% BUTTER 9,73% WMP 5,27% AMF -0,30% MILK '25 5,00% MILK '26 3,83% MILK '27 5,00% EU SMP -16,10% BUTTER -5,38% WHEY -12,03% LIQ MILK -10,09%