SGX futures rise, while CME and EEX present mixed results

Driven by the gains seen at the GDT Event 396 auction, SGX dairy futures moved mostly higher over the past week, while US and EU futures presented a more mixed picture.On the CME, most contracts increased, with the main exceptions being Butter C1–C6 and Cheese C1–C6, where C3 remained unchanged. Milk Class III contracts C1, C5, and C6, as well as Milk Class IV contracts C2 and C5, also showed declines. CONTRACT CME Product Month 26/Jan 30/Jan ∆ ∆ % SMP February $2,871 $3,024 ↑ 5.30% March $2,927 $3,064 ↑ 4.69% April $2,907 $3,037 ↑ 4.45% May $2,915 $3,028 ↑ 3.88% June $2,932 $3,024 ↑ 3.14% July $2,968 $3,064 ↑ 3.25% Average $2,920 $3,040 ↑ 4.11% Butter February $3,660 $3,472 ↓ -5.12% March $4,279 $4,055 ↓ -5.22% April $4,426 $4,201 ↓ -5.09% May $4,519 $4,299 ↓ -4.88% June $4,584 $4,327 ↓ -5.63% July $4,618 $4,442 ↓ -3.81% Average $4,348 $4,133 ↓ -4.95% Whey February $1,493 $1,556 ↑ 4.25% March $1,411 $1,503 ↑ 6.52% April $1,356 $1,438 ↑ 6.10% May $1,323 $1,422 ↑ 7.50% June $1,334 $1,367 ↑ 2.48% July $1,323 $1,367 ↑ 3.33% Average $1,373 $1,442 ↑ 5.03% Block Cheese February $3,415 $3,258 ↓ -4.58% March $3,556 $3,521 ↓ -0.99% April $3,640 $3,640 ↔ 0.00% May $3,739 $3,737 ↓ -0.06% June $3,810 $3,794 ↓ -0.41% July $3,865 $3,858 ↓ -0.17% Average $3,671 $3,635 ↓ -0.98% Milk Class III February $35.34 $34.06 ↓ -3.62% March $36.05 $36.44 ↑ 1.10% April $36.71 $37.28 ↑ 1.56% May $37.70 $38.10 ↑ 1.05% June $38.65 $38.51 ↓ -0.34% July $39.13 $39.09 ↓ -0.11% Average $37.26 $37.25 ↓ -0.04% Milk Class IV February $34.13 $34.63 ↑ 1.49% March $37.37 $37.30 ↓ -0.18% April $37.50 $38.25 ↑ 2.00% May $37.83 $38.07 ↑ 0.64% June $38.34 $38.27 ↓ -0.17% July $38.80 $38.91 ↑ 0.28% Average $37.33 $37.57 ↑ 0.66% In the CME spot market, both butter and cheese prices moved lower. CME Spot market Product 26/Jan 30/Jan ∆ ∆ % Dry Whey $1,631 $1,653 ↑ 1.35% Cheese Blocks $3,186 $3,004 ↓ -5.71% Cheese Barrels $3,230 $3,064 ↓ -5.12% Butter $3,527 $3,483 ↓ -1.25% SMP $2,932 $3,219 ↑ 9.77% On the SGX, nearly all contracts moved upward. The exceptions were whole milk powder (WMP), where all contracts declined, and milk contracts, with 2026 moving down while 2027 and 2028 remained unchanged. Overall, sentiment in the SGX dairy futures market stayed bullish following the strength observed at GDT 396, despite the weakness in WMP. SGX Product Month 26/Jan 30/Jan ∆ ∆ % WMP February $3,505 $3,440 ↓ -1.85% March $3,515 $3,460 ↓ -1.56% April $3,555 $3,525 ↓ -0.84% May $3,600 $3,575 ↓ -0.69% June $3,625 $3,575 ↓ -1.38% July $3,555 $3,505 ↓ -1.41% Average $3,559 $3,513 ↓ -1.29% SMP February $2,815 $2,870 ↑ 1.95% March $2,865 $2,945 ↑ 2.79% April $2,910 $2,965 ↑ 1.89% May $2,910 $2,985 ↑ 2.58% June $2,905 $3,025 ↑ 4.13% July $2,885 $3,010 ↑ 4.33% Average $2,882 $2,967 ↑ 2.95% AMF February $5,995 $6,150 ↑ 2.59% March $6,010 $6,115 ↑ 1.75% April $5,950 $5,950 ↑ 0.00% May $5,910 $5,930 ↑ 0.34% June $5,850 $6,035 ↑ 3.16% July $5,805 $5,805 ↑ 0.00% Average $5,920 $5,998 ↑ 1.31% Butter February $5,375 $5,400 ↑ 0.47% March $5,325 $5,385 ↑ 1.13% April $5,325 $5,380 ↑ 1.03% May $5,325 $5,380 ↑ 1.03% June $5,320 $5,380 ↑ 1.13% July $5,200 $5,250 ↑ 0.96% Average $5,312 $5,363 ↑ 0.96% Milk Sept '26 $9.41 $9.38 ↓ -0.32% Sept '27 $8.90 $8.90 ↔ 0.00% Sept '28 $8.55 $8.55 ↔ 0.00% European dairy markets also recorded mostly positive movement during the week. On the EEX, most contracts moved higher, although SMP C2 declined. Butter contracts C4 and C6 moved down, and liquid milk contracts C2, C4, C5, and C6 also registered losses. EEX in EUR Product Month 26/Jan 30/Jan ∆ ∆ % SMP February €2,257 €2,272 ↑ 0.66% March €2,298 €2,296 ↓ -0.09% April €2,304 €2,310 ↑ 0.26% May €2,328 €2,339 ↑ 0.47% June €2,330 €2,368 ↑ 1.63% July €2,363 €2,441 ↑ 3.30% Average €2,313 €2,338 ↑ 1.05% Butter February €4,046 €4,063 ↑ 0.42% March €4,045 €4,125 ↑ 1.98% April €4,103 €4,170 ↑ 1.63% May €4,147 €4,088 ↓ -1.42% June €4,169 €4,229 ↑ 1.44% July €4,500 €4,375 ↓ -2.78% Average €4,168 €4,175 ↑ 0.16% Whey February €1,040 $1,050 ↑ 0.96% March €1,040 €1,068 ↑ 2.69% April €1,035 €1,080 ↑ 4.35% May €1,033 €1,078 ↑ 4.36% June €1,005 €1,010 ↑ 0.50% July €1,005 €1,010 ↑ 0.50% Average €1,026 €1,049 ↑ 2.24% Liq Milk February €42.80 €42.80 ↔ 0.00% March €39.42 €38.04 ↓ -3.50% April €36.49 €36.65 ↑ 0.44% May €37.88 €37.43 ↓ -1.19% June €38.11 €37.73 ↓ -1.00% July €38.23 €38.05 ↓ -0.47% Average €38.82 €38.45 ↓ -0.96% EEX in UDS EEX in USD euro/Dollar 1.1883 1.1850 >> -0.28% Product Month 26/Jan 30/Jan ∆ ∆ % SMP February $2,682 $2,692 ↑ 0.39% March $2,731 $2,721 ↓ -0.36% April $2,738 $2,737 ↓ -0.02% May $2,766 $2,772 ↑ 0.19% June $2,769 $2,806 ↑ 1.35% July $2,808 $2,893 ↑ 3.01% Average $2,749 $2,770 ↑ 0.77% Butter February $4,808 $4,815 ↑ 0.14% March $4,807 $4,888 ↑ 1.69% April $4,876 $4,941 ↑ 1.35% May $4,928 $4,844 ↓ -1.70% June $4,954 $5,011 ↑ 1.16% July $5,347 $5,184 ↓ -3.05% Average $4,953 $4,947 ↓ -0.12% Whey February $1,236 $1,244 ↑ 0.68% March $1,236 $1,266 ↑ 2.41% April $1,230 $1,280 ↑ 4.06% May $1,228 $1,277 ↑ 4.07% June $1,194 $1,197 ↑ 0.22% July $1,194 $1,197 ↑ 0.22% Average $1,220 $1,243 ↑ 1.96% Liq Milk February $50.86 $50.72 ↓ -0.28% March $46.84 $45.08 ↓ -3.77% April $43.36 $43.43 ↑ 0.16% May $45.01 $44.35 ↓ -1.46% June $45.29 $44.71 ↓ -1.27% July $45.43 $45.09 ↓ -0.75% Average $46.13 $45.56 ↓ -1.23% Comparing current performance with the final trading session of 2025 highlights a clear regional divergence. In general, most commodities strengthened, with notable exceptions including US whey and US spot market cheese barrels. Across the exchanges, EEX showed a broadly upward trend with some weakness in SMP, butter, and liquid milk contracts, while SGX futures rose across the board except for WMP.Overall, New Zealand stands out as the strongest performer among the three trading blocs. Region Product Change 30/01/'26 VS 26/12/'25 USA CME SMP 17.61% BUTTER 16.05% WHEY -2.94% BLOCK CHEESE 6.65% MILK CLASS III 6.36% MILK CLASS IV 21.13% USA CME SPOT CALL MARKET WHEY 2.74% CHEDDAR BLOCKS 2.06% CHEDDAR BARRELS -0.71% BUTTER 12.66% SMP 23.73% NEW ZEALAND SGX SMP 11.53% SMP 16.07% AMF 11.06% BUTTER 10.16% MILK '26 3.65% MILK '27 9.88% MILK '28 0.00% EU EEX SMP 12.06% BUTTER -3.20% WHEY -0.73% LIQ MILK -3.27%