CME and SGX eased, while EEX firmed/corrected higher

Over the past week, the major global exchanges showed mostly downside, except EEX. CME: Mostly moved down, except for all SMP contracts that moved up. Whey C6 moved up, and Milk IV moved up in C2, C3, and C4. The CME spot market moved down for all products except Cheese Barrels, which moved up.SGX: Mostly moved down, following a very weak GDT result earlier in the week, except AMF C6, which moved up, and Butter C3, which remained unchanged. EEX: Mostly moved up, except SMP, which moved down in C1. Liquid milk moved down in all contracts. Overall, CME markets were mainly lower, aside from the exceptions noted above. CONTRACT CME 15-dec 19-dec ∆ ∆ % SMP December $2.550 $2.552 ↑ 0,06% January $2.533 $2.557 ↑ 0,96% February $2.530 $2.555 ↑ 1,00% March $2.480 $2.534 ↑ 2,18% April $2.480 $2.515 ↑ 1,40% May $2.497 $2.523 ↑ 1,02% Average $2.512 $2.539 ↑ 1,10% Butter December $3.442 $3.351 ↓ -2,64% January $3.439 $3.328 ↓ -3,22% February $3.472 $3.342 ↓ -3,75% March $3.748 $3.698 ↓ -1,32% April $3.914 $3.863 ↓ -1,31% May $4.031 $3.939 ↓ -2,30% Average $3.674 $3.587 ↓ -2,38% Whey December $1.524 $1.521 ↓ -0,18% January $1.538 $1.528 ↓ -0,65% February $1.512 $1.461 ↓ -3,43% March $1.437 $1.408 ↓ -2,07% April $1.429 $1.392 ↓ -2,58% May $1.367 $1.377 ↑ 0,77% Average $1.468 $1.448 ↓ -1,37% Block December $3.358 $3.353 ↓ -0,13% Cheese January $3.336 $3.313 ↓ -0,66% February $3.338 $3.296 ↓ -1,25% March $3.457 $3.402 ↓ -1,59% April $3.560 $3.527 ↓ -0,93% May $3.671 $3.660 ↓ -0,30% Average $3.453 $3.425 ↓ -0,81% Milk December $34,85 $34,77 ↓ -0,25% Class III January $34,74 $34,41 ↓ -0,95% February $34,52 $33,91 ↓ -1,79% March $35,27 $34,50 ↓ -2,19% April $36,27 $35,76 ↓ -1,40% May $37,15 $36,79 ↓ -0,95% Average $35,47 $35,02 ↓ -1,25% Milk December $30,45 $29,87 ↓ -1,88% Class IV January $30,31 $30,42 ↑ 0,36% February $30,47 $30,20 ↓ -0,87% March $31,00 $31,31 ↑ 1,00% April $31,75 $31,97 ↑ 0,69% May $32,41 $32,36 ↓ -0,14% Average $31,06 $31,02 ↓ -0,13% CME and SGX futures both saw downside, while EEX moved up/corrected. CME Spot market 15-dec 19-dec ∆ ∆ % Dry Whey $1.653 $1.554 ↓ -6,00% Cheese Blocks $3.042 $2.998 ↓ -1,45% Cheese Barrels $3.086 $3.131 ↑ 1,43% Butter $3.230 $3.119 ↓ -3,41% SMP $2.579 $2.552 ↓ -1,07% Following up from the weakness seen in GDT 394, sentiment on the SGX dairy futures market continued bearish in the past week, with losses in all products except AMF C6, and Butter C3. Milk moved down in all contract periods. SGX 15-dec 19-dec WMP January $3.215 $3.000 ↓ -6,69% February $3.220 $3.060 ↓ -4,97% March $3.225 $3.075 ↓ -4,65% April $3.275 $3.155 ↓ -3,66% May $3.310 $3.180 ↓ -3,93% June $3.310 $3.190 ↓ -3,63% Average $3.259 $3.110 ↓ -4,58% SMP January $2.535 $2.420 ↓ -4,54% February $2.540 $2.455 ↓ -3,35% March $2.560 $2.470 ↓ -3,52% April $2.610 $2.505 ↓ -4,02% May $2.635 $2.555 ↓ -3,04% June $2.645 $2.550 ↓ -3,59% Average $2.588 $2.493 ↓ -3,67% AMF January $5.540 $5.400 ↓ -2,53% February $5.480 $5.400 ↓ -1,46% March $5.380 $5.365 ↓ -0,28% April $5.350 $5.345 ↓ -0,09% May $5.355 $5.285 ↓ -1,31% June $5.330 $5.360 ↑ 0,56% Average $5.406 $5.359 ↓ -0,86% Butter January $4.870 $4.800 ↓ -1,44% February $4.875 $4.870 ↓ -0,10% March $4.900 $4.900 ↔ 0,00% April $4.960 $4.935 ↓ -0,50% May $4.975 $4.905 ↓ -1,41% June $4.890 $4.800 ↓ -1,84% Average $4.912 $4.868 ↓ -0,88% Milk Sept '26 $9,20 $9,04 ↓ -1,74% Sept '27 $8,47 $8,19 ↓ -3,31% Sept '28 $8,75 $8,55 ↓ -2,29% European dairy markets showed mostly positive movement this week, except SMP C1, and all Liquid Milk Contracts that moved down. EEX in EUR 15-dec 19-dec SMP January €2.050 €2.018 ↓ -1,56% February €2.037 €2.060 ↑ 1,13% March €2.054 €2.100 ↑ 2,24% April €2.056 €2.113 ↑ 2,77% May €2.080 €2.146 ↑ 3,17% June €2.109 €2.168 ↑ 2,80% Average €2.064 €2.101 ↑ 1,77% Butter January €4.137 €4.244 ↑ 2,59% February €4.125 €4.250 ↑ 3,03% March €4.183 €4.300 ↑ 2,80% April €4.225 €4.450 ↑ 5,33% May €4.269 €4.513 ↑ 5,72% June €4.325 €4.613 ↑ 6,66% Average €4.211 €4.395 ↑ 4,38% Whey January €1.060 $1.063 ↑ 0,28% February €1.088 €1.098 ↑ 0,92% March €1.093 €1.119 ↑ 2,38% April €1.083 €1.103 ↑ 1,85% May €1.078 €1.100 ↑ 2,04% June €1.000 €1.075 ↑ 7,50% Average €1.067 €1.093 ↑ 2,44% Liq Milk January €45,54 €45,01 ↓ -1,16% February €43,71 €42,21 ↓ -3,43% March €41,41 €39,29 ↓ -5,12% April €39,20 €36,92 ↓ -5,82% May €38,26 €37,59 ↓ -1,75% June €38,21 €37,55 ↓ -1,73% Average €41,06 €39,76 ↓ -3,15% EEX in USD euro/Dollar 1,1755 1,1709 >> -0,39% 15-dec 19-dec SMP January $2.410 $2.363 ↓ -1,95% February $2.394 $2.412 ↑ 0,73% March $2.414 $2.459 ↑ 1,84% April $2.417 $2.474 ↑ 2,37% May $2.445 $2.513 ↑ 2,77% June $2.479 $2.539 ↑ 2,40% Average $2.427 $2.460 ↑ 1,37% Butter January $4.863 $4.969 ↑ 2,18% February $4.849 $4.976 ↑ 2,63% March $4.917 $5.035 ↑ 2,39% April $4.966 $5.211 ↑ 4,91% May $5.018 $5.284 ↑ 5,30% June $5.084 $5.401 ↑ 6,24% Average $4.950 $5.146 ↑ 3,97% Whey January $1.246 $1.245 ↓ -0,11% February $1.279 $1.286 ↑ 0,52% March $1.285 $1.310 ↑ 1,98% April $1.273 $1.292 ↑ 1,45% May $1.267 $1.288 ↑ 1,64% June $1.176 $1.259 ↑ 7,08% Average $1.254 $1.280 ↑ 2,04% Liq Milk January $53,53 $52,70 ↓ -1,55% February $51,38 $49,42 ↓ -3,81% March $48,68 $46,00 ↓ -5,49% April $46,08 $43,23 ↓ -6,18% May $44,97 $44,01 ↓ -2,14% June $44,92 $43,97 ↓ -2,11% Average $48,26 $46,56 ↓ -3,53% Comparing 2025 performance with the final trading session of 2024 reveals a clear regional divergence. Overall, most commodities moved lower. The United States and the European Union recorded the weakest results, with prices under pressure across all key dairy products, except Whey on EEX. In contrast, New Zealand was the strongest performer among the three trade blocs, although all products still showed downside. Region Product Change 19/12/'25 VS 27/12/'24 USA CME SMP -16,36% BUTTER -40,25% WHEY -4,70% BLOCK CHEESE -17,29% MILK CLASS III -20,00% MILK CLASS IV -32,79% USA CME SPOT CALL MARKET WHEY -5,06% CHEDDAR BLOCKS -26,93% CHEDDAR BARRELS -18,86% BUTTER -44,92% SMP -16,66% NEW ZEALAND SGX SMP -16,20% SMP -12,08% AMF -21,28% BUTTER -22,77% MILK '26 -9,15% MILK '27 -12,78% MILK '28 -2,84% EU EEX SMP -27,38% BUTTER -42,98% WHEY 6,63% LIQ MILK -31,09%