Mixed dairy futures amid firm butterfat

This week’s performance across dairy futures exchange markets is mixed, with butterfat values remaining notably strong.On the CME, most contracts moved higher. The main exceptions were Butter C1, Whey C1 and C2–C6, Cheese C1 and C2, and Milk Class III C1, all of which declined. CONTRACT CME Product Month 23/Feb 27/Feb ∆ ∆ % SMP March $3,428 $3,500 ↑ 2.10% April $3,373 $3,456 ↑ 2.45% May $3,247 $3,362 ↑ 3.55% June $3,186 $3,281 ↑ 2.99% July $3,160 $3,226 ↑ 2.09% August $3,142 $3,193 ↑ 1.65% Average $3,256 $3,336 ↑ 2.47% Butter March $4,522 $4,431 ↓ -2.00% April $4,707 $4,763 ↑ 1.19% May $4,691 $4,872 ↑ 3.87% June $4,784 $4,938 ↑ 3.23% July $4,806 $4,993 ↑ 3.90% August $4,831 $4,993 ↑ 3.35% Average $4,723 $4,832 ↑ 2.30% Whey March $1,467 $1,466 ↓ -0.08% April $1,422 $1,422 ↔ 0.00% May $1,422 $1,394 ↓ -1.94% June $1,411 $1,396 ↓ -1.05% July $1,409 $1,396 ↓ -0.94% August $1,411 $1,401 ↓ -0.70% Average $1,424 $1,412 ↓ -0.78% Block cheese March $3,519 $3,481 ↓ -1.07% April $3,717 $3,706 ↓ -0.30% May $3,796 $3,823 ↑ 0.70% June $3,847 $3,898 ↑ 1.32% July $3,865 $3,944 ↑ 2.05% August $3,902 $3,951 ↑ 1.24% Average $3,774 $3,800 ↑ 0.69% Milk Class III March $33.20 $33.11 ↓ -0.27% April $35.12 $36.40 ↑ 3.64% May $36.35 $38.14 ↑ 4.91% June $37.21 $38.89 ↑ 4.50% July $38.07 $39.42 ↑ 3.53% August $38.60 $39.66 ↑ 2.74% Average $36.43 $37.60 ↑ 3.23% Milk Class IV March $34.24 $35.21 ↑ 2.83% April $40.23 $42.99 ↑ 6.85% May $39.68 $42.99 ↑ 8.33% June $39.24 $42.04 ↑ 7.13% July $39.15 $41.27 ↑ 5.41% August $39.59 $41.27 ↑ 4.23% Average $38.69 $40.96 ↑ 5.87% In the CME spot market, prices rose for all commodities except whey, which fell. CME Spot market Product 23/Feb 27/Feb ∆ ∆ % Dry Whey $1,444 $1,394 ↓ -3.44% Cheese Blocks $3,340 $3,356 ↑ 0.50% Cheese Barrels $3,285 $3,439 ↑ 4.70% Butter $3,996 $4,056 ↑ 1.52% SMP $3,627 $3,770 ↑ 3.95% Most contracts posted gains on the SGX. Although sentiment turned more bearish than the previous week, following the bullish outcome of GDT Event 398. Despite the broader upward movement across several contracts, WMP C1–C4, SMP C1–C2, as well as C4 and C5, and AMF C1 and C5 declined compared with the previous week. SGX Product Month 23/Feb 27/Feb ∆ ∆ % WMP March $3,795 $3,750 ↓ -1.19% April $3,890 $3,845 ↓ -1.16% May $3,890 $3,855 ↓ -0.90% June $3,885 $3,865 ↓ -0.51% July $3,780 $3,795 ↑ 0.40% August $3,735 $3,745 ↑ 0.27% Average $3,829 $3,809 ↓ -0.52% SMP March $3,230 $3,210 ↓ -0.62% April $3,385 $3,380 ↓ -0.15% May $3,355 $3,380 ↑ 0.75% June $3,340 $3,345 ↑ 0.15% July $3,270 $3,260 ↓ -0.31% August $3,220 $3,195 ↓ -0.78% Average $3,300 $3,295 ↓ -0.15% AMF March $6,875 $6,760 ↓ -1.67% April $6,810 $6,810 ↔ 0.00% May $6,815 $6,815 ↔ 0.00% June $6,605 $6,605 ↔ 0.00% July $6,375 $6,320 ↓ -0.86% August $6,200 $6,260 ↑ 0.97% Average $6,613 $6,595 ↓ -0.28% Butter March $6,540 $6,685 ↑ 2.22% April $6,645 $6,720 ↑ 1.13% May $6,585 $6,680 ↑ 1.44% June $6,580 $6,600 ↑ 0.30% July $6,205 $6,535 ↑ 5.32% August $6,200 $6,235 ↑ 0.56% Average $6,459 $6,576 ↑ 1.81% Milk Sept '26 $9.74 $9.71 ↓ -0.31% Sept '27 $9.50 $9.52 ↑ 0.21% Sept '28 $9.00 $9.01 ↑ 0.11% At the EEX, most contracts also trended upward. The exceptions were SMP C2, Butter C1, and Liquid Milk C1, all of which moved down. Overall, European dairy markets displayed a firmer tone during the week. EEX in EUR Product Month 23/Feb 27/Feb ∆ ∆ % SMP March €2,463 €2,558 ↑ 3.86% April €2,675 €2,656 ↓ -0.71% May €2,663 €2,694 ↑ 1.16% June €2,626 €2,692 ↑ 2.51% July €2,700 €2,713 ↑ 0.48% August €2,713 €2,730 ↑ 0.63% Average €2,640 €2,674 ↑ 1.28% Butter March €4,410 €4,375 ↓ -0.79% April €4,525 €4,625 ↑ 2.21% May €4,593 €4,765 ↑ 3.74% June €4,665 €4,792 ↑ 2.72% July €4,775 €5,038 ↑ 5.51% August €4,830 €5,120 ↑ 6.00% Average €4,633 €4,786 ↑ 3.30% Whey March €1,075 $1,100 ↑ 2.33% April €1,150 €1,303 ↑ 13.30% May €1,174 €1,300 ↑ 10.73% June €1,220 €1,300 ↑ 6.56% July €1,240 €1,300 ↑ 4.84% August €1,250 €1,300 ↑ 4.00% Average €1,185 €1,267 ↑ 6.95% Liq Milk March €39.18 €38.75 ↓ -1.10% April €39.26 €39.46 ↑ 0.51% May €39.80 €40.03 ↑ 0.58% June €40.11 €40.39 ↑ 0.70% July €40.63 €40.85 ↑ 0.54% August €41.59 €41.80 ↑ 0.50% Average €40.10 €40.21 ↑ 0.30% EEX in USD EEX in USD euro/Dollar 1.1785 1.1816 >> 0.26% Product Month 23/Feb 27/Feb ∆ ∆ % SMP March $2,903 $3,023 ↑ 4.13% April $3,152 $3,138 ↓ -0.45% May $3,138 $3,183 ↑ 1.43% June $3,095 $3,181 ↑ 2.78% July $3,182 $3,206 ↑ 0.75% August $3,197 $3,226 ↑ 0.89% Average $3,111 $3,159 ↑ 1.55% Butter March $5,197 $5,170 ↓ -0.53% April $5,333 $5,465 ↑ 2.48% May $5,413 $5,630 ↑ 4.02% June $5,498 $5,662 ↑ 2.99% July $5,627 $5,953 ↑ 5.79% August $5,692 $6,050 ↑ 6.28% Average $5,460 $5,655 ↑ 3.57% Whey March $1,267 $1,300 ↑ 2.59% April $1,355 $1,540 ↑ 13.60% May $1,384 $1,536 ↑ 11.02% June $1,438 $1,536 ↑ 6.84% July $1,461 $1,536 ↑ 5.11% August $1,473 $1,536 ↑ 4.27% Average $1,396 $1,497 ↑ 7.23% Liq Milk March $46.17 $45.79 ↓ -0.84% April $46.27 $46.63 ↑ 0.77% May $46.90 $47.30 ↑ 0.84% June $47.27 $47.72 ↑ 0.96% July $47.88 $48.27 ↑ 0.81% August $49.01 $49.39 ↑ 0.77% Average $47.25 $47.52 ↑ 0.56% Comparing current performance with the final trading session of 2025 highlights a clear regional divergence. While most commodities have moved higher overall, US whey is the notable exception, declining across both trading platforms. Among the three trade blocs, New Zealand stands out as the strongest performer year to date. Region Product Change 27/02/'26 VS 26/12/'25 USA CME SMP 29.07% BUTTER 35.69% WHEY -4.95% BLOCK CHEESE 11.51% MILK CLASS III 7.38% MILK CLASS IV 32.05% USA CME SPOT CALL MARKET WHEY -13.36% CHEDDAR BLOCKS 14.04% CHEDDAR BARRELS 11.43% BUTTER 31.19% SMP 44.92% NEW ZEALAND SGX SMP 20.93% SMP 28.91% AMF 22.13% BUTTER 35.08% MILK '26 7.29% MILK '27 17.53% MILK '28 5.38% EU EEX SMP 28.18% BUTTER 10.96% WHEY 19.88% LIQ MILK 1.17%