Dairy futures decline following negative GDT auction

CME, SGX, and EEX futures showed a bearish trend over the past week, following the negative outcome of GDT Event 381.At the CME, most prices moved downward. Butter prices mostly increased, except for C5, which remained unchanged. Block Cheese remained unchanged in C4 and increased in C5–C6. Class III Milk rose in C5 and C6, while Class IV Milk showed an increase in C1. CONTRACT CME Product Month 02/Jun 06/Jun ∆ ∆ % SMP June $2.778 $2.761 ↓ -0,60% July $2.844 $2.828 ↓ -0,58% August $2.874 $2.833 ↓ -1,40% September $2.917 $2.867 ↓ -1,72% October $2.932 $2.889 ↓ -1,48% November $2.932 $2.906 ↓ -0,90% Average $2.879 $2.847 ↓ -1,12% Butter June $5.531 $5.578 ↑ 0,84% July $5.785 $5.787 ↑ 0,04% August $5.936 $5.963 ↑ 0,45% September $6.063 $6.090 ↑ 0,45% October $6.172 $6.172 ↔ 0,00% November $6.151 $6.173 ↑ 0,35% Average $5.940 $5.961 ↑ 0,35% Whey June $1.219 $1.203 ↓ -1,31% July $1.246 $1.224 ↓ -1,77% August $1.244 $1.199 ↓ -3,63% September $1.235 $1.199 ↓ -2,90% October $1.213 $1.190 ↓ -1,82% November $1.213 $1.186 ↓ -2,18% Average $1.228 $1.200 ↓ -2,27% Block Cheese June $4.358 $4.275 ↓ -1,92% July $4.407 $4.250 ↓ -3,55% August $4.396 $4.336 ↓ -1,35% September $4.369 $4.369 ↔ 0,00% October $4.321 $4.347 ↑ 0,61% November $4.248 $4.259 ↑ 0,26% Average $4.350 $4.306 ↓ -1,01% Milk Class III June $42,11 $41,38 ↓ -1,73% July $43,36 $41,53 ↓ -4,22% August $43,19 $42,61 ↓ -1,33% September $43,01 $42,86 ↓ -0,36% October $42,68 $42,70 ↑ 0,05% November $41,82 $44,05 ↑ 5,32% Average $42,70 $42,52 ↓ -0,40% Milk Class IV June $40,59 $40,61 ↑ 0,05% July $42,33 $42,24 ↓ -0,21% August $43,14 $43,08 ↓ -0,15% September $44,11 $43,92 ↓ -0,45% October $44,44 $44,42 ↓ -0,05% November $44,53 $44,49 ↓ -0,10% Average $43,19 $43,13 ↓ -0,15% In the CME spot market, the overall development was positive for all products except Block Cheese and Skim Milk Powder (SMP), which recorded declines. CME Spot market Product 02/Jun 06/Jun ∆ ∆ % Dry Whey $1.244 $1.279 ↑ 2,76% Cheese Blocks $4.271 $4.095 ↓ -4,13% Cheese Barrels $4.085 $4.101 ↑ 0,37% Butter $5.582 $5.633 ↑ 0,91% SMP $2.811 $2.783 ↓ -0,98% SGX futures responded to the negative GDT auction with widespread declines. All SMP contracts moved down. Butter prices rose, except for C5, which remained stable. Whole Milk Powder (WMP) mostly declined, although C3 and C6 remained unchanged, and C4 moved up. Anhydrous Milk Fat (AMF) increased in C1–C3, stayed flat in C4, and declined in C5 and C6. All milk contracts on SGX recorded decreases. SGX Product Month 02/Jun 06/Jun ∆ ∆ % SMP June $2.935 $2.845 ↓ -3,07% July $2.885 $2.850 ↓ -1,21% August $2.860 $2.850 ↓ -0,35% September $2.885 $2.840 ↓ -1,56% October $2.870 $2.850 ↓ -0,70% November $2.870 $2.865 ↓ -0,17% Average $2.884 $2.850 ↓ -1,18% Butter June $7.640 $7.750 ↑ 1,44% July $7.210 $7.235 ↑ 0,35% August $6.875 $6.950 ↑ 1,09% September $6.555 $6.605 ↑ 0,76% October $6.555 $6.555 ↔ 0,00% November $6.525 $6.565 ↑ 0,61% Average $6.893 $6.943 ↑ 0,73% WMP June $4.245 $4.195 ↓ -1,18% July $4.010 $3.995 ↓ -0,37% August $3.875 $3.875 ↔ 0,00% September $3.780 $3.800 ↑ 0,53% October $3.745 $3.725 ↓ -0,53% November $3.710 $3.710 ↔ 0,00% Average $3.894 $3.883 ↓ -0,28% AMF June $7.250 $7.325 ↑ 1,03% July $7.000 $7.025 ↑ 0,36% August $7.000 $7.025 ↑ 0,36% September $7.050 $7.050 ↔ 0,00% October $6.900 $6.850 ↓ -0,72% November $6.825 $6.720 ↓ -1,54% Average $7.004 $6.999 ↓ -0,07% Milk Sept '25 $10,15 $10,12 ↓ -0,30% Sept '26 $9,90 $9,77 ↓ -1,31% Sept '27 $9,40 $9,23 ↓ -1,81% The EEX also reflected a negative tone. SMP prices moved up in C1 and C4, with C3 holding steady. All Butter contracts declined except C1, which remained unchanged. Whey prices were largely stable, except for C5, which moved down. Liquid milk contracts were unchanged in C1 and C2, rose in C6, and declined in C3 through C5. EEX in EUR Product Month 02/Jun 06/Jun ∆ ∆ % SMP June €2.410 €2.443 ↑ 1,37% July €2.488 €2.463 ↓ -1,00% August €2.488 €2.488 ↔ 0,00% September €2.488 €2.521 ↑ 1,33% October €2.561 €2.559 ↓ -0,08% November €2.635 €2.623 ↓ -0,46% Average €2.512 €2.516 ↑ 0,18% Butter June €7.500 €7.500 ↔ 0,00% July €7.513 €7.455 ↓ -0,77% August €7.513 €7.428 ↓ -1,13% September €7.500 €7.469 ↓ -0,41% October €7.425 €7.404 ↓ -0,28% November €7.425 €7.404 ↓ -0,28% Average €7.479 €7.443 ↓ -0,48% Whey June €830 $830 ↔ 0,00% July €840 €840 ↔ 0,00% August €850 €850 ↔ 0,00% September €865 €865 ↔ 0,00% October €918 €910 ↓ -0,87% November €925 €925 ↔ 0,00% Average €871 €870 ↓ -0,15% Liq Milk June €51,90 €51,90 ↔ 0,00% July €51,69 €51,69 ↔ 0,00% August €51,64 €51,56 ↓ -0,15% September €51,56 €51,51 ↓ -0,10% October €51,46 €51,44 ↓ -0,04% November €51,59 €51,64 ↑ 0,10% Average €51,64 €51,62 ↓ -0,03% EEX in USD EEX in USD euro/Dollar 1,1442 1,1396 >> -0,40% Product Month 02/Jun 06/Jun ∆ ∆ % SMP June $2.758 $2.784 ↑ 0,96% July $2.847 $2.807 ↓ -1,40% August $2.847 $2.835 ↓ -0,40% September $2.847 $2.873 ↑ 0,92% October $2.930 $2.916 ↓ -0,48% November $3.015 $2.989 ↓ -0,86% Average $2.874 $2.867 ↓ -0,22% Butter June $8.582 $8.547 ↓ -0,40% July $8.596 $8.496 ↓ -1,17% August $8.596 $8.465 ↓ -1,53% September $8.582 $8.512 ↓ -0,81% October $8.496 $8.438 ↓ -0,68% November $8.496 $8.438 ↓ -0,68% Average $8.558 $8.482 ↓ -0,88% Whey June $950 $946 ↓ -0,40% July $961 $957 ↓ -0,40% August $973 $969 ↓ -0,40% September $990 $986 ↓ -0,40% October $1.050 $1.037 ↓ -1,27% November $1.058 $1.054 ↓ -0,40% Average $997 $991 ↓ -0,55% Liq Milk June $59,38 $59,15 ↓ -0,40% July $59,14 $58,91 ↓ -0,40% August $59,09 $58,76 ↓ -0,56% September $58,99 $58,70 ↓ -0,50% October $58,88 $58,62 ↓ -0,44% November $59,03 $58,85 ↓ -0,31% Average $59,09 $58,83 ↓ -0,43% Comparing prices in 2025 to the last trading day of 2024, the US and the EU recorded the weakest results. In contrast, pricing in New Zealand improved significantly, showing strong upward momentum relative to the other regions. Region Product Change 06/06/'25 VS 27/12/'24 USA CME SMP -6,22% BUTTER -0,71% WHEY -20,99% BLOCK CHEESE 3,99% MILK CLASS III -2,87% MILK CLASS IV -6,57% USA CME SPOT CALL MARKET WHEY -21,89% CHEDDAR BLOCKS -0,19% CHEDDAR BARRELS 6,29% BUTTER -0,55% SMP -9,10% NEW ZEALAND SGX SMP 0,53% BUTTER 10,14% WMP 4,64% AMF 2,81% MILK '25 4,89% MILK '26 4,05% MILK '27 4,89% EU EEX SMP -13,03% BUTTER -3,43% WHEY -15,12% LIQ MILK -10,53%