Dairy futures mostly higher across major exchanges

Supported by the positive outcome of the GDT Event 398 auction, despite record milk collections globally, dairy futures markets mostly moved higher over the past week.On the CME, most contracts increased, except for Whey C1–C3, Cheese C1, and Milk Class III C1, which declined. CONTRACT CME Product Month 16/Feb 20/Feb ∆ ∆ % SMP February $2,929 $3,020 ↑ 3.10% March $3,262 $3,511 ↑ 7.65% April $3,197 $3,434 ↑ 7.41% May $3,092 $3,318 ↑ 7.31% June $3,060 $3,242 ↑ 5.94% July $3,060 $3,207 ↑ 4.79% Average $3,100 $3,289 ↑ 6.09% Butter February $3,558 $3,616 ↑ 1.61% March $4,156 $4,412 ↑ 6.18% April $4,233 $4,539 ↑ 7.24% May $4,328 $4,610 ↑ 6.51% June $4,421 $4,733 ↑ 7.06% July $4,529 $4,758 ↑ 5.04% Average $4,204 $4,445 ↑ 5.72% Whey February $1,532 $1,522 ↓ -0.65% March $1,521 $1,488 ↓ -2.17% April $1,467 $1,466 ↓ -0.04% May $1,428 $1,434 ↑ 0.42% June $1,405 $1,444 ↑ 2.75% July $1,406 $1,430 ↓ 1.72% Average $1,460 $1,464 ↑ 0.29% Block February $3,179 $3,177 ↓ -0.07% Cheese March $3,375 $3,499 ↑ 3.66% April $3,516 $3,699 ↑ 5.20% May $3,620 $3,763 ↑ 3.96% June $3,726 $3,825 ↑ 2.66% July $3,803 $3,854 ↑ 1.33% Average $3,537 $3,636 ↑ 2.82% Milk February $33.20 $33.11 ↓ -0.27% Class III March $35.12 $36.40 ↑ 3.64% April $36.35 $38.14 ↑ 4.91% May $37.21 $38.89 ↑ 4.50% June $38.07 $39.42 ↑ 3.53% July $38.60 $39.66 ↑ 2.74% Average $36.43 $37.60 ↑ 3.23% Milk February $34.24 $35.21 ↑ 2.83% Class IV March $40.23 $42.99 ↑ 6.85% April $39.68 $42.99 ↑ 8.33% May $39.24 $42.04 ↑ 7.13% June $39.15 $41.27 ↑ 5.41% July $39.59 $41.27 ↑ 4.23% Average $38.69 $40.96 ↑ 5.87% In the CME spot market, whey prices moved lower, while all other commodities posted gains. Overall, the direction of the CME was predominantly upward, except for the contracts mentioned above. CME Spot market Product 16/Feb 20/Feb ∆ ∆ % Dry Whey $1,631 $1,499 ↓ -8.11% Cheese Blocks $3,197 $3,301 ↑ 3.28% Cheese Barrels $3,197 $3,285 ↑ 2.76% Butter $3,763 $4,123 ↑ 9.55% SMP $3,505 $3,715 ↑ 5.97% On the SGX, nearly all contracts recorded gains, except for Butter C6, which declined. Milk contracts increased across all maturities, reflecting strengthened sentiment following the bullish signals from GDT 398. Compared with the previous week, the tone on SGX became more constructive. SGX Product Month 16/Feb 20/Feb ∆ ∆ % WMP March $3,680 $3,765 ↑ 2.31% April $3,745 $3,860 ↑ 3.07% May $3,760 $3,870 ↑ 2.93% June $3,780 $3,865 ↑ 2.25% July $3,680 $3,755 ↑ 2.04% August $3,635 $3,640 ↑ 0.14% Average $3,713 $3,793 ↑ 2.13% SMP March $3,140 $3,200 ↑ 1.91% April $3,150 $3,305 ↑ 4.92% May $3,165 $3,295 ↑ 4.11% June $3,155 $3,270 ↑ 3.65% July $3,115 $3,190 ↑ 2.41% August $3,125 $3,135 ↑ 0.32% Average $3,142 $3,233 ↑ 2.89% AMF March $6,620 $6,875 ↑ 3.85% April $6,565 $6,810 ↑ 3.73% May $6,530 $6,815 ↑ 4.36% June $6,550 $6,605 ↑ 0.84% July $6,200 $6,375 ↑ 2.82% August $6,050 $6,200 ↑ 2.48% Average $6,419 $6,613 ↑ 3.02% Butter March $6,255 $6,540 ↑ 4.56% April $6,275 $6,645 ↑ 5.90% May $6,250 $6,585 ↑ 5.36% June $6,255 $6,530 ↑ 4.40% July $6,250 $6,505 ↑ 4.08% August $6,250 $6,200 ↓ -0.80% Average $6,256 $6,501 ↑ 3.92% Milk Sept '26 $9.54 $9.74 ↑ 2.10% Sept '27 $9.35 $9.48 ↑ 1.39% Sept '28 $8.98 $8.98 ↑ 0.00% On the EEX, price movements were generally positive, although several contracts weakened. SMP C1 and C3 declined, as did Butter C3, C5, and C6. Whey C1 remained unchanged. Liquid milk decreased in C2 and was unchanged in C1. Despite these exceptions, European dairy markets overall showed firmer performance during the week. EEX in EUR Product Month 16/Feb 20/Feb ∆ ∆ % SMP February €2,405 €2,350 ↓ -2.29% March €2,442 €2,469 ↑ 1.11% April €2,557 €2,535 ↓ -0.86% May €2,539 €2,575 ↑ 1.42% June €2,583 €2,594 ↑ 0.43% July €2,581 €2,635 ↑ 2.09% Average €2,518 €2,526 ↑ 0.34% Butter February €4,138 €4,200 ↑ 1.50% March €4,313 €4,419 ↑ 2.46% April €4,580 €4,527 ↓ -1.16% May €4,571 €4,583 ↑ 0.26% June €4,663 €4,631 ↓ -0.69% July €4,870 €4,775 ↓ -1.95% Average €4,523 €4,523 ↔ 0.00% Whey February €1,040 $1,040 ↔ 0.00% March €1,063 €1,075 ↑ 1.13% April €1,075 €1,110 ↑ 3.26% May €1,085 €1,135 ↑ 4.61% June €1,108 €1,150 ↑ 3.79% July €1,120 €1,175 ↑ 4.91% Average €1,082 €1,114 ↑ 2.99% Liq Milk February €43.45 €43.45 ↔ 0.00% March €40.32 €39.18 ↓ -2.83% April €38.30 €39.26 ↑ 2.51% May €38.79 €39.80 ↑ 2.60% June €39.21 €40.11 ↑ 2.30% July €39.66 €40.63 ↑ 2.45% Average €39.96 €40.41 ↑ 1.13% EEX in USD EEX in USD euro/Dollar 1.1851 1.1783 >> -0.57% Product Month 16/Feb 20/Feb ∆ ∆ % SMP January $2,850 $2,769 ↓ -2.85% February $2,894 $2,909 ↑ 0.53% March $3,030 $2,987 ↓ -1.43% April $3,009 $3,034 ↑ 0.84% May $3,061 $3,057 ↓ -0.15% June $3,059 $3,105 ↓ 1.51% Average $2,984 $2,977 ↓ -0.24% Butter January $4,904 $4,949 ↑ 0.92% February $5,111 $5,207 ↑ 1.87% March $5,428 $5,334 ↓ -1.72% April $5,417 $5,400 ↓ -0.31% May $5,526 $5,457 ↓ -1.26% June $5,771 $5,626 ↓ -2.51% Average $5,360 $5,329 ↓ -0.57% Whey January $1,233 $1,225 ↓ -0.57% February $1,260 $1,267 ↑ 0.55% March $1,274 $1,308 ↑ 2.66% April $1,286 $1,337 ↑ 4.01% May $1,313 $1,355 ↑ 3.20% June $1,327 $1,385 ↑ 4.31% Average $1,282 $1,313 ↑ 2.40% Liq Milk January $51.49 $51.20 ↓ -0.57% February $47.78 $46.17 ↓ -3.38% March $45.39 $46.26 ↑ 1.92% April $45.97 $46.90 ↑ 2.02% May $46.47 $47.26 ↑ 1.71% June $47.00 $47.87 ↑ 1.86% Average $47.35 $47.61 ↑ 0.55% When comparing current price performance with the final trading session of 2025, a clear regional divergence emerges. Most commodities have moved higher overall, with US whey representing the main exception across both trading venues. Among the three trade blocs, New Zealand stands out as the strongest performer. Region Product Change 20/02/'26 VS 26/12/'25 USA CME SMP 27.22% BUTTER 24.81% WHEY -1.47% BLOCK CHEESE 6.69% MILK CLASS III 7.38% MILK CLASS IV 32.05% USA CME SPOT CALL MARKET WHEY -6.85% CHEDDAR BLOCKS 12.17% CHEDDAR BARRELS 6.43% BUTTER 33.33% SMP 42.80% NEW ZEALAND SGX SMP 20.40% SMP 26.47% AMF 22.47% BUTTER 33.54% MILK '26 7.62% MILK '27 17.04% MILK '28 5.03% EU EEX SMP 21.11% BUTTER 4.86% WHEY 5.41% LIQ MILK 1.65%