Most dairy futures rise following GDT 397

Driven by the bullish outcome of the GDT Event 397 auction, dairy futures prices mostly moved higher over the past week.On the CME, futures showed predominantly upward movement, except for Whey C1, which remained unchanged, and C4 and C6, which moved lower. CONTRACT CME Product Month 02/Feb 06/Feb ∆ ∆ % SMP February $2,910 $2,921 ↑ 0.38% March $3,073 $3,395 ↑ 10.47% April $3,046 $3,313 ↑ 8.78% May $3,025 $3,241 ↑ 7.14% June $3,020 $3,230 ↑ 6.93% July $3,022 $3,208 ↑ 6.13% Average $3,016 $3,218 ↑ 6.69% Butter February $3,396 $3,566 ↑ 5.02% March $3,970 $4,272 ↑ 7.61% April $4,145 $4,371 ↑ 5.45% May $4,298 $4,459 ↑ 3.73% June $4,338 $4,514 ↑ 4.07% July $4,397 $4,538 ↑ 3.20% Average $4,091 $4,287 ↑ 4.79% Whey February $1,554 $1,554 ↔ 0.00% March $1,483 $1,521 ↑ 2.56% April $1,422 $1,464 ↑ 2.95% May $1,437 $1,411 ↓ -1.80% June $1,367 $1,396 ↑ 2.10% July $1,367 $1,356 ↓ -0.81% Average $1,438 $1,450 ↑ 0.83% Block February $3,219 $3,241 ↑ 0.68% Cheese March $3,419 $3,613 ↑ 5.67% April $3,536 $3,682 ↑ 4.11% May $3,662 $3,765 ↑ 2.83% June $3,728 $3,801 ↑ 1.95% July $3,807 $3,860 ↑ 1.39% Average $3,562 $3,660 ↑ 2.76% Milk February $33.84 $33.91 ↑ 0.20% Class III March $35.32 $37.70 ↑ 6.74% April $36.20 $38.05 ↑ 5.12% May $37.17 $38.60 ↑ 3.86% June $37.92 $38.76 ↑ 2.21% July $38.51 $39.13 ↑ 1.60% Average $36.49 $37.69 ↑ 3.28% Milk February $33.95 $34.94 ↑ 2.92% Class IV March $37.70 $41.56 ↑ 10.23% April $38.27 $41.23 ↑ 7.72% May $38.25 $41.01 ↑ 7.20% June $38.36 $41.12 ↑ 7.18% July $38.67 $41.27 ↑ 6.73% Average $37.53 $40.19 ↑ 7.07% All products traded in the CME spot market increased, except for whey. CME Spot market Product 02/Feb 06/Feb ∆ ∆ % Dry Whey $1,631 $1,609 ↓ -1.35% Cheese Blocks $3,053 $3,246 ↑ 6.32% Cheese Barrels $3,064 $3,175 ↑ 3.60% Butter $3,483 $3,770 ↑ 8.23% SMP $3,219 $3,616 ↑ 12.33% On the SGX, all dairy futures contracts recorded gains during the week, reflecting continued positive sentiment following the latest GDT auction. SGX Product Month 02/Feb 06/Feb ∆ ∆ % WMP January $3,505 $3,670 ↑ 4.71% February $3,515 $3,800 ↑ 8.11% March $3,585 $3,875 ↑ 8.09% April $3,620 $3,875 ↑ 7.04% May $3,615 $3,865 ↑ 6.92% June $3,535 $3,800 ↑ 7.50% Average $3,563 $3,814 ↑ 7.06% SMP January $2,870 $3,080 ↑ 7.32% February $3,035 $3,330 ↑ 9.72% March $3,055 $3,355 ↑ 9.82% April $3,060 $3,370 ↑ 10.13% May $3,065 $3,365 ↑ 9.79% June $3,040 $3,295 ↑ 8.39% Average $3,021 $3,299 ↑ 9.21% AMF January $6,150 $6,500 ↑ 5.69% February $6,150 $6,600 ↑ 7.32% March $6,015 $6,550 ↑ 8.89% April $5,995 $6,550 ↑ 9.26% May $6,035 $6,400 ↑ 6.05% June $5,805 $6,100 ↑ 5.08% Average $6,025 $6,450 ↑ 7.05% Butter January $5,400 $5,830 ↑ 7.96% February $5,385 $5,750 ↑ 6.78% March $5,380 $5,875 ↑ 9.20% April $5,380 $5,655 ↑ 5.11% May $5,380 $5,850 ↑ 8.74% June $5,100 $5,800 ↑ 13.73% Average $5,338 $5,793 ↑ 8.54% Milk Sept '26 $9.41 $9.64 ↑ 2.44% Sept '27 $8.94 $9.40 ↑ 5.15% Sept '28 $8.55 $8.84 ↑ 3.39% The European dairy market also showed mostly upward movement, although whey contracts C2, C3, and C4 declined, while C6 remained unchanged. Liquid milk C1 prices were also unchanged over the period. EEX in EUR Product Month 02/Feb 06/Feb ∆ ∆ % SMP February €2,311 €2,450 ↑ 6.01% March €2,413 €2,500 ↑ 3.61% April €2,310 €2,450 ↑ 6.06% May €2,340 €2,600 ↑ 11.11% June €2,370 €2,600 ↑ 9.70% July €2,495 €2,650 ↑ 6.21% Average €2,373 €2,542 ↑ 7.10% Butter February €4,065 €4,300 ↑ 5.78% March €4,125 €4,500 ↑ 9.09% April €4,081 €4,600 ↑ 12.72% May €4,090 €4,675 ↑ 14.30% June €4,295 €4,750 ↑ 10.59% July €4,375 €4,850 ↑ 10.86% Average €4,172 €4,613 ↑ 10.56% Whey February €1,025 $1,030 ↑ 0.49% March €1,080 €1,045 ↓ -3.24% April €1,080 €1,025 ↓ -5.09% May €1,078 €1,020 ↓ -5.38% June €1,010 €1,015 ↑ 0.50% July €1,010 €1,010 ↔ 0.00% Average €1,047 €1,024 ↓ -2.20% Liq Milk February €42.80 €42.80 ↔ 0.00% March €39.04 €39.23 ↑ 0.49% April €36.65 €37.09 ↑ 1.20% May €37.43 €37.51 ↑ 0.21% June €37.73 €37.97 ↑ 0.64% July €38.05 €38.34 ↑ 0.76% Average €38.62 €38.82 ↑ 0.54% EEX in USD EEX in USD euro/Dollar 1.1790 1.1817 >> 0.23% Product Month 02/Feb 06/Feb ∆ ∆ % SMP January $2,725 $2,895 ↑ 6.26% February $2,845 $2,954 ↑ 3.84% March $2,723 $2,895 ↑ 6.30% April $2,759 $3,072 ↑ 11.37% May $2,794 $3,072 ↑ 9.96% June $2,942 $3,132 ↑ 6.46% Average $2,798 $3,003 ↑ 7.35% Butter January $4,793 $5,081 ↑ 6.02% February $4,863 $5,318 ↑ 9.34% March $4,811 $5,436 ↑ 12.98% April $4,822 $5,524 ↑ 14.56% May $5,064 $5,613 ↑ 10.85% June $5,158 $5,731 ↑ 11.11% Average $4,919 $5,451 ↑ 10.82% Whey January $1,208 $1,217 ↑ 0.72% February $1,273 $1,235 ↓ -3.02% March $1,273 $1,211 ↓ -4.88% April $1,271 $1,205 ↓ -5.16% May $1,191 $1,199 ↑ 0.73% June $1,191 $1,194 ↑ 0.23% Average $1,235 $1,210 ↓ -1.97% Liq Milk January $50.46 $50.58 ↑ 0.23% February $46.03 $46.36 ↑ 0.72% March $43.21 $43.83 ↑ 1.43% April $44.13 $44.33 ↑ 0.44% May $44.48 $44.87 ↑ 0.87% June $44.86 $45.31 ↑ 0.99% Average $45.53 $45.88 ↑ 0.77% Comparing current market performance with the final trading session of 2025 highlights clear regional divergence. Overall, most commodities have moved higher. However, US whey futures and the US spot market for whey declined. On the EEX, prices were mostly higher, except for whey and liquid milk. SGX futures showed broad-based gains, except for whole milk powder, which moved lower across contracts.Overall, New Zealand continues to stand out as the strongest performer among the three major trading regions. Region Product Change 06/02/'26 VS 26/12/'25 USA CME SMP 24.48% BUTTER 20.37% WHEY -2.41% BLOCK CHEESE 7.40% MILK CLASS III 7.63% MILK CLASS IV 29.55% USA CME SPOT CALL MARKET WHEY 0.00% CHEDDAR BLOCKS 10.30% CHEDDAR BARRELS 2.86% BUTTER 21.93% SMP 38.98% NEW ZEALAND SGX SMP 21.08% SMP 29.08% AMF 19.44% BUTTER 19.01% MILK '26 6.52% MILK '27 16.05% EU EEX SMP 21.84% BUTTER 6.94% WHEY -3.11% LIQ MILK -2.33%