During the forty-eighth trading week of 2025, global dairy markets continued to trend lower, with only a few isolated exceptions. On the CME, SMP C1 posted a modest increase, Cheese C1 remained unchanged, and Milk Class IV C1 and C3 moved higher. SGX Milk ’28 held steady. On the EEX, Butter C1 edged upward, whey contracts C2 through C6 strengthened, and Liquid Milk C2 remained unchanged.