Dairy futures trend lower across major exchanges

This week, dairy futures markets have shown a predominantly downward trend across the CME, the SGX, and the EEX.On the CME, most contracts declined (17), although a comparable number moved upward (15). Declines were observed in SMP C3–C6, all Butter contracts, Whey C1–C3, and all Milk Class IV contracts. CONTRACT CME Product Month 30/Mar 03/Apr ∆ ∆ % SMP April $3,934 $3,947 ↑ 0.34% May $3,952 $3,982 ↑ 0.75% June $3,860 $3,770 ↓ -2.33% July $3,758 $3,636 ↓ -3.23% August $3,669 $3,544 ↓ -3.41% September $3,591 $3,461 ↓ -3.62% Average $3,794 $3,723 ↓ -1.86% Butter April $4,150 $4,031 ↓ -2.87% May $4,133 $4,045 ↓ -2.12% June $4,145 $4,090 ↓ -1.34% July $4,266 $4,197 ↓ -1.63% August $4,354 $4,299 ↓ -1.27% September $4,409 $4,352 ↓ -1.30% Average $4,243 $4,169 ↓ -1.74% Whey April $1,505 $1,488 ↓ -1.14% May $1,554 $1,538 ↓ -1.03% June $1,587 $1,586 ↓ -0.07% July $1,558 $1,588 ↑ 1.95% August $1,565 $1,598 ↑ 2.11% September $1,543 $1,583 ↑ 2.57% Average $1,552 $1,564 ↑ 0.74% Block Cheese April $3,666 $3,776 ↑ 3.01% May $3,699 $3,840 ↑ 3.81% June $3,825 $3,911 ↑ 2.25% July $3,915 $3,993 ↑ 1.97% August $3,935 $3,995 ↑ 1.51% September $3,957 $4,008 ↑ 1.28% Average $3,833 $3,920 ↑ 2.28% Milk Class III April $38.01 $39.09 ↑ 2.84% May $38.62 $40.15 ↑ 3.94% June $39.88 $41.12 ↑ 3.10% July $40.96 $41.89 ↑ 2.26% August $41.38 $42.06 ↑ 1.65% September $41.49 $42.00 ↑ 1.22% Average $40.06 $41.05 ↑ 2.48% Milk Class IV April $46.01 $45.30 ↓ -1.53% May $45.86 $45.55 ↓ -0.67% June $45.04 $44.03 ↓ -2.25% July $44.31 $43.23 ↓ -2.44% August $43.98 $42.81 ↓ -2.66% September $43.58 $42.59 ↓ -2.28% Average $44.80 $43.92 ↓ -1.96% The CME spot market also weakened, with both Whey and Butter prices moving lower. CME Spot market Product 30/Mar 03/Apr ∆ ∆ % Dry Whey $1,521 $1,516 ↓ -0.36% Cheese Blocks $3,522 $3,687 ↑ 4.69% Cheese Barrels $3,450 $3,511 ↑ 1.76% Butter $4,023 $3,946 ↓ -1.92% SMP $4,255 $4,349 ↑ 2.20% Following the results of GDT 400, sentiment in the SGX dairy futures market has turned more bearish across all products. The main exceptions were Butter in C3 and C6, while Liquid Milk remained unchanged in C1. The bearish trend in SGX futures does not bode well for this week’s upcoming GDT event. SGX Product Month 30/Mar 03/Apr ∆ ∆ % WMP April $3,695 $3,600 ↓ -2.57% May $3,720 $3,615 ↓ -2.82% June $3,740 $3,625 ↓ -3.07% July $3,700 $3,590 ↓ -2.97% August $3,675 $3,570 ↓ -2.86% September $3,670 $3,555 ↓ -3.13% Average $3,700 $3,593 ↓ -2.91% SMP April $3,545 $3,375 ↓ -4.80% May $3,580 $3,380 ↓ -5.59% June $3,465 $3,380 ↓ -2.45% July $3,450 $3,335 ↓ -3.33% August $3,370 $3,210 ↓ -4.75% September $3,300 $3,150 ↓ -4.55% Average $3,452 $3,305 ↓ -4.25% AMF April $7,275 $7,150 ↓ -1.72% May $7,275 $7,140 ↓ -1.86% June $6,750 $6,490 ↓ -3.85% July $6,280 $6,220 ↓ -0.96% August $6,200 $5,920 ↓ -4.52% September $6,180 $5,870 ↓ -5.02% Average $6,660 $6,465 ↓ -2.93% Butter April $6,730 $6,525 ↓ -3.05% May $6,530 $6,490 ↓ -0.61% June $6,150 $6,355 ↑ 3.33% July $5,750 $5,550 ↓ -3.48% August $5,585 $5,550 ↓ -0.63% September $5,295 $5,345 ↑ 0.94% Average $6,007 $5,969 ↓ -0.62% Milk Sept '26 $9.82 $9.82 ↔ 0.00% Sept '27 $9.60 $9.48 ↓ -1.25% Sept '28 $9.20 $9.15 ↓ -0.54% Similarly, the EEX reflected a broadly bearish trend in Europe. All SMP contracts declined, as did Liquid Milk. Whey increased in C1 and remained stable in C2. Butter showed some strength, rising in C1, C3, C5, and C6, while C2 and C4 remained unchanged. EEX in EUR Product Month 30/Mar 03/Apr ∆ ∆ % SMP April €2,844 €2,756 ↓ -3.09% May €2,833 €2,733 ↓ -3.53% June €2,843 €2,720 ↓ -4.33% July €2,840 €2,713 ↓ -4.47% August €2,840 €2,710 ↓ -4.58% September €2,870 €2,710 ↓ -5.57% Average €2,845 €2,724 ↓ -4.26% Butter April €4,208 €4,300 ↑ 2.19% May €4,250 €4,250 ↔ 0.00% June €4,270 €4,275 ↑ 0.12% July €4,450 €4,450 ↔ 0.00% August €4,508 €4,545 ↑ 0.82% September €4,544 €4,545 ↑ 0.02% Average €4,372 €4,394 ↑ 0.51% Whey April €1,350 $1,400 ↑ 3.70% May €1,450 €1,450 ↔ 0.00% June €1,500 €1,460 ↓ -2.67% July €1,500 €1,460 ↓ -2.67% August €1,500 €1,460 ↓ -2.67% September €1,475 €1,460 ↓ -1.02% Average €1,463 €1,448 ↓ -0.97% Liq Milk April €39.07 €38.58 ↓ -1.25% May €39.98 €39.61 ↓ -0.93% June €40.83 €40.36 ↓ -1.15% July €41.45 €41.07 ↓ -0.92% August €42.36 €41.82 ↓ -1.27% September €43.29 €41.82 ↓ -3.40% Average €41.16 €40.54 ↓ -1.51% EEX in USD EEX in USD euro/Dollar 1.1463 1.1521 >> 0.51% Product Month 30/Mar 03/Apr ∆ ∆ % SMP April $3,260 $3,175 ↓ -2.60% May $3,247 $3,149 ↓ -3.04% June $3,259 $3,134 ↓ -3.84% July $3,255 $3,126 ↓ -3.99% August $3,255 $3,122 ↓ -4.09% September $3,290 $3,122 ↓ -5.10% Average $3,261 $3,138 ↓ -3.78% Butter April $4,824 $4,954 ↑ 2.70% May $4,872 $4,896 ↑ 0.51% June $4,895 $4,925 ↑ 0.62% July $5,101 $5,127 ↑ 0.51% August $5,168 $5,236 ↑ 1.33% September $5,209 $5,236 ↑ 0.53% Average $5,011 $5,063 ↑ 1.02% Whey April $1,548 $1,613 ↑ 4.23% May $1,662 $1,671 ↑ 0.51% June $1,719 $1,682 ↓ -2.17% July $1,719 $1,682 ↓ -2.17% August $1,719 $1,682 ↓ -2.17% September $1,691 $1,682 ↓ -0.52% Average $1,676 $1,669 ↓ -0.47% Liq Milk April $44.79 $44.45 ↓ -0.75% May $45.83 $45.63 ↓ -0.42% June $46.80 $46.50 ↓ -0.65% July $47.51 $47.32 ↓ -0.42% August $48.56 $48.18 ↓ -0.78% September $49.62 $48.18 ↓ -2.91% Average $47.19 $46.71 ↓ -1.01% When comparing current performance with the final trading session of 2025, a clear regional divergence emerges. Most commodities have moved upward since then, with the notable exception of US spot Whey futures. Overall, New Zealand stands out as the strongest performer among the three trading blocs. Region Product Change 03/04/'26 VS 26/12/'25 USA CME SMP 44.04% BUTTER 17.07% WHEY 5.22% BLOCK CHEESE 15.04% MILK CLASS III 17.22% MILK CLASS IV 41.58% USA CME SPOT CALL MARKET WHEY -5.82% CHEDDAR BLOCKS 25.28% CHEDDAR BARRELS 13.75% BUTTER 27.63% SMP 67.16% NEW ZEALAND SGX WMP 14.05% SMP 29.30% AMF 19.72% BUTTER 22.62% MILK '26 8.51% MILK '27 17.04% MILK '28 7.02% EU EEX SMP 30.57% BUTTER 1.88% WHEY 37.02% LIQ MILK 2.00%