CME registers gains, while EEX and SGX remain bearish

EEX and SGX futures continued to show bearish development during the forty-seventh trading week of 2025, while CME markets appeared somewhat firmer. Overall, global dairy markets presented mixed signals, with notable declines across SGX futures. The only commodity that appeared resistant to the broader weakness was whey in both Europe and the United States. Butter prices showed declines across all regions.Within the CME futures markets, skim milk powder (SMP) posted gains in most contracts, except for C4–C6, which moved lower. All butter contracts increased, and whey also strengthened across the entire curve. Cheese rose in C3 but declined in all remaining contracts. Class III milk futures decreased in every contract except C3, while Class IV milk futures moved higher across the board. CONTRACT CME Product Month 10/Nov 14/Nov ∆ ∆ % SMP November $2.513 $2.557 ↑ 1,75% December $2.535 $2.546 ↑ 0,43% January $2.502 $2.535 ↑ 1,32% February $2.482 $2.480 ↓ -0,09% March $2.477 $2.442 ↓ -1,45% April $2.501 $2.471 ↓ -1,19% Average $2.502 $2.505 ↑ 0,14% Butter November $3.500 $3.566 ↑ 1,89% December $3.498 $3.682 ↑ 5,26% January $3.605 $3.792 ↑ 5,20% February $3.703 $3.897 ↑ 5,22% March $3.961 $4.134 ↑ 4,37% April $4.094 $4.226 ↑ 3,22% Average $3.727 $3.883 ↑ 4,19% Whey November $1.405 $1.416 ↑ 0,78% December $1.532 $1.572 ↑ 2,59% January $1.547 $1.593 ↑ 2,96% February $1.499 $1.566 ↑ 4,45% March $1.494 $1.540 ↑ 3,14% April $1.461 $1.521 ↑ 4,15% Average $1.490 $1.535 ↑ 3,03% Block Cheese November $3.913 $3.851 ↓ -1,58% December $3.631 $3.510 ↓ -3,34% January $3.523 $3.569 ↑ 1,31% February $3.538 $3.397 ↓ -3,99% March $3.574 $3.483 ↓ -2,53% April $3.605 $3.552 ↓ -1,47% Average $3.631 $3.560 ↓ -1,93% Milk Class III November $38,03 $37,96 ↓ -0,17% December $37,81 $36,77 ↓ -2,74% January $36,71 $37,46 ↑ 2,04% February $36,64 $35,60 ↓ -2,83% March $37,02 $36,38 ↓ -1,73% April $37,13 $36,93 ↓ -0,53% Average $37,22 $36,85 ↓ -1,00% Milk Class IV November $30,05 $30,42 ↑ 1,25% December $30,38 $31,39 ↑ 3,34% January $30,60 $31,61 ↑ 3,31% February $30,78 $31,92 ↑ 3,72% March $31,90 $32,36 ↑ 1,45% April $32,67 $32,91 ↑ 0,74% Average $31,06 $31,77 ↑ 2,28% In the CME spot market, whey, butter, and SMP all recorded gains, whereas both cheese blocks and barrels declined. CME Spot market Product 10/Nov 14/Nov ∆ ∆ % Dry Whey $1.609 $1.720 ↑ 6,85% Cheese Blocks $3.660 $3.395 ↓ -7,23% Cheese Barrels $3.742 $3.621 ↓ -3,24% Butter $3.329 $3.472 ↑ 4,30% SMP $2.524 $2.607 ↑ 3,28% Weakness following GDT 391 continued to weigh heavily on SGX dairy futures. Prices fell in all contracts except WMP C6, while anhydrous milkfat (AMF) remained unchanged in C1. Milk futures declined in ’26, remained unchanged in ’27, and held steady again in ’28. SGX Product Month 10/Nov 14/Nov ∆ ∆ % WMP November $3.440 $3.435 ↓ -0,15% December $3.405 $3.380 ↓ -0,73% January $3.410 $3.395 ↓ -0,44% February $3.430 $3.405 ↓ -0,73% March $3.430 $3.420 ↓ -0,29% April $3.405 $3.490 ↑ 2,50% Average $3.420 $3.421 ↑ 0,02% SMP November $2.570 $2.565 ↓ -1,09% December $2.585 $2.550 ↓ -1,45% January $2.580 $2.570 ↓ -1,09% February $2.590 $2.560 ↓ -0,72% March $2.595 $2.605 ↓ -1,40% April $2.640 $2.650 ↓ -0,88% Average $2.593 $2.583 ↓ -1,10% AMF November $6.850 $6.850 ↔ 0,00% December $6.595 $6.570 ↓ -0,38% January $6.400 $6.240 ↓ -2,50% February $6.400 $6.150 ↓ -3,91% March $6.350 $6.150 ↓ -3,15% April $6.395 $6.150 ↓ -3,83% Average $6.498 $6.352 ↓ -2,26% Butter November $6.300 $6.250 ↓ -0,79% December $6.160 $6.125 ↓ -0,57% January $5.945 $5.700 ↓ -4,12% February $5.820 $5.625 ↓ -3,35% March $5.820 $5.625 ↓ -3,35% April $5.820 $5.625 ↓ -3,35% Average $5.978 $5.825 ↓ -2,55% Milk Sept '26 $9,77 $9,73 ↓ -0,41% Sept '27 $9,20 $9,07 ↓ -1,41% Sept '28 $8,90 $8,90 ↔ 0,00% European dairy markets also trended lower this week. All SMP and butter contracts declined. Whey futures fell across all maturities except C3, which was unchanged, and C4, which posted a small increase. Liquid milk contracts declined overall, except for C1 and C2, which remained stable. EEX in EUR Product Month 10/Nov 14/Nov ∆ ∆ % SMP November €2.088 €2.075 ↓ -0,62% December €2.100 €2.080 ↓ -0,95% January €2.135 €2.089 ↓ -2,15% February €2.156 €2.119 ↓ -1,72% March €2.179 €2.144 ↓ -1,61% April €2.212 €2.177 ↓ -1,58% Average €2.145 €2.114 ↓ -1,45% Butter November €5.150 €5.113 ↓ -0,72% December €5.000 €4.875 ↓ -2,50% January €4.940 €4.693 ↓ -5,00% February €4.986 €4.693 ↓ -5,88% March €5.009 €4.825 ↓ -3,67% April €5.100 €4.888 ↓ -4,16% Average €5.031 €4.848 ↓ -3,64% Whey November €1.000 $970 ↓ -3,00% December €1.054 €1.013 ↓ -3,89% January €1.043 €1.043 ↔ 0,00% February €1.047 €1.060 ↑ 1,24% March €1.052 €1.043 ↓ -0,86% April €1.051 €1.043 ↓ -0,76% Average €1.041 €1.029 ↓ -1,20% Liq Milk November €52,10 €52,10 ↔ 0,00% December €51,28 €51,28 ↔ 0,00% January €50,59 €50,56 ↓ -0,06% February €48,67 €48,65 ↓ -0,04% March €46,87 €46,83 ↓ -0,09% April €44,87 €44,82 ↓ -0,11% Average €49,06 €49,04 ↓ -0,05% EEX in USD EEX in USD euro/Dollar 1,1559 1,1621 >> 0,54% Product Month 10/Nov 14/Nov ∆ ∆ % SMP October $2.414 $2.411 ↓ -0,09% November $2.427 $2.417 ↓ -0,42% December $2.468 $2.428 ↓ -1,63% January $2.492 $2.462 ↓ -1,19% February $2.519 $2.492 ↓ -1,08% February $2.557 $2.530 ↓ -1,05% Average $2.479 $2.457 ↓ -0,92% Butter October $5.953 $5.942 ↓ -0,19% November $5.780 $5.665 ↓ -1,98% December $5.710 $5.454 ↓ -4,49% January $5.763 $5.454 ↓ -5,37% February $5.790 $5.607 ↓ -3,16% February $5.895 $5.680 ↓ -3,64% Average $5.815 $5.634 ↓ -3,12% Whey October $1.156 $1.127 ↓ -2,48% November $1.218 $1.177 ↓ -3,37% December $1.206 $1.212 ↑ 0,54% January $1.210 $1.232 ↑ 1,78% February $1.216 $1.212 ↓ -0,32% February $1.215 $1.212 ↓ -0,23% Average $1.203 $1.195 ↓ -0,67% Liq Milk November $60,22 $60,55 ↑ 0,54% December $59,27 $59,59 ↑ 0,54% January $58,48 $58,76 ↑ 0,48% February $56,26 $56,54 ↑ 0,50% March $54,18 $54,42 ↑ 0,45% April $51,87 $52,09 ↑ 0,42% Average $56,71 $56,99 ↑ 0,49% Comparing 2025 performance with the final trading session of 2024 highlights a clear regional divergence. Most commodities declined, apart from whey in both the United States and the European Union, as well as milk ’28 on SGX. The United States and the European Union showed the weakest performance, facing broad pricing pressure across major dairy products. In contrast, New Zealand stood out as the strongest among the three major exporting regions, although most of its products also posted declines aside from milk ’28. Region Product Change 14-11/'25 VS 27/12/'24 USA CME SMP -17,48% BUTTER -35,32% WHEY 1,04% BLOCK CHEESE -14,02% MILK CLASS III -15,83% MILK CLASS IV -31,17% USA CME SPOT CALL MARKET WHEY 5,04% CHEDDAR BLOCKS -17,25% CHEDDAR BARRELS -6,14% BUTTER -38,70% SMP -14,86% NEW ZEALAND SGX SMP -7,82% SMP -8,88% AMF -6,70% BUTTER -7,60% MILK '26 -2,21% MILK '27 -3,41% MILK '28 1,14% EU EEX SMP -26,93% BUTTER -37,11% WHEY 0,36% LIQ MILK -15,01%