Dairy futures observe mixed results, with SMP performing strongly

Market signals across the various futures exchanges were mixed this week, although SMP performed well across all regions.CME markets showed a predominantly downward trend, except for SMP C2–C6, Butter C3–C6, Whey C4, and Milk Class IV C2–C6. CONTRACT CME Product Contract 06/Apr 10/Apr ∆ ∆ % SMP April $3,946 $3,939 ↓ -0.20% May $3,959 $4,189 ↑ 5.80% June $3,747 $4,061 ↑ 8.40% July $3,572 $3,830 ↑ 7.24% August $3,472 $3,671 ↑ 5.71% September $3,393 $3,571 ↑ 5.25% Average $3,682 $3,877 ↑ 5.30% Butter April $4,031 $3,941 ↓ -2.23% May $3,966 $3,964 ↓ -0.04% June $4,032 $4,070 ↑ 0.94% July $4,124 $4,154 ↑ 0.74% August $4,222 $4,255 ↑ 0.78% September $4,310 $4,367 ↑ 1.33% Average $4,114 $4,125 ↑ 0.27% Whey April $1,484 $1,456 ↓ -1.89% May $1,543 $1,527 ↓ -1.07% June $1,582 $1,570 ↓ -0.77% July $1,565 $1,587 ↑ 1.41% August $1,593 $1,581 ↓ -0.73% September $1,583 $1,582 ↓ -0.07% Average $1,558 $1,550 ↓ -0.51% Block Cheese April $3,739 $3,640 ↓ -2.65% May $3,774 $3,651 ↓ -3.27% June $3,860 $3,741 ↓ -3.08% July $3,946 $3,849 ↓ -2.46% August $3,973 $3,924 ↓ -1.22% September $3,999 $3,977 ↓ -0.55% Average $3,882 $3,797 ↓ -2.19% Milk Class III April $38.71 $37.54 ↓ -3.02% May $39.46 $37.85 ↓ -4.08% June $40.48 $39.35 ↓ -2.78% July $41.25 $40.34 ↓ -2.19% August $41.75 $41.16 ↓ -1.43% September $41.89 $41.58 ↓ -0.74% Average $40.59 $39.64 ↓ -2.34% Milk Class IV April $45.30 $44.53 ↓ -1.70% May $45.08 $47.38 ↑ 5.09% June $43.43 $46.56 ↑ 7.21% July $42.37 $44.95 ↑ 6.09% August $41.89 $44.00 ↑ 5.05% September $41.67 $42.99 ↑ 3.17% Average $43.29 $45.07 ↑ 4.11% The CME spot market declined for both cheese contracts and butter, but rose for whey and SMP. CME Spot market Product 06/Apr 10/Apr ∆ ∆ % Dry Whey $1,521 $1,554 ↑ 2.17% Cheese Blocks $3,687 $3,478 ↓ -5.68% Cheese Barrels $3,511 $3,472 ↓ -1.10% Butter $3,864 $3,853 ↓ -0.29% SMP $4,327 $4,663 ↑ 7.77% On the SGX, despite the losses observed during last week’s GDT event, sentiment in the SGX dairy futures market remained relatively positive, with more contracts increasing than decreasing. WMP and SMP contracts increased. AMF declined across most contracts, except for C3 and C5. Butter rose in C4 and remained unchanged in C5 and C6. Liquid milk was unchanged in C1, decreased in C2, and increased in C3. SGX Product Contract 06/Apr 10/Apr ∆ ∆ % WMP April $3,600 $3,720 ↑ 3.33% May $3,615 $3,750 ↑ 3.73% June $3,625 $3,745 ↑ 3.31% July $3,590 $3,635 ↑ 1.25% August $3,570 $3,605 ↑ 0.98% September $3,555 $3,560 ↑ 0.14% Average $3,593 $3,669 ↑ 2.13% SMP April $3,375 $3,505 ↑ 3.85% May $3,380 $3,525 ↑ 4.29% June $3,380 $3,515 ↑ 3.99% July $3,335 $3,410 ↑ 2.25% August $3,210 $3,325 ↑ 3.58% September $3,150 $3,290 ↑ 4.44% Average $3,305 $3,428 ↑ 3.73% AMF April $7,150 $6,970 ↓ -2.52% May $7,140 $6,925 ↓ -3.01% June $6,390 $6,440 ↑ 0.78% July $6,220 $6,190 ↓ -0.48% August $5,920 $5,950 ↑ 0.51% September $5,870 $5,840 ↓ -0.51% Average $6,448 $6,386 ↓ -0.97% Butter April $6,525 $6,475 ↓ -0.77% May $6,490 $6,275 ↓ -3.31% June $6,355 $6,055 ↓ -4.72% July $5,550 $5,575 ↑ 0.45% August $5,550 $5,550 ↔ 0.00% September $5,345 $5,345 ↔ 0.00% Average $5,969 $5,879 ↓ -1.51% Milk Sept '26 $9.82 $9.82 ↔ 0.00% Sept '27 $9.48 $9.45 ↓ -0.32% Sept '28 $9.15 $9.17 ↑ 0.22% In Europe, dairy markets presented a mixed picture. On the EEX, all SMP contracts moved upward, as did butter overall, except for C2, which remained unchanged, and C1 and C3, which declined. All whey contracts remained unchanged, while all liquid milk contracts moved downward. EEX in EUR Product Contract 06/Apr 10/Apr ∆ ∆ % SMP April €2,756 €2,794 ↑ 1.38% May €2,733 €2,809 ↑ 2.78% June €2,720 €2,836 ↑ 4.26% July €2,713 €2,855 ↑ 5.23% August €2,710 €2,850 ↑ 5.17% September €2,710 €2,853 ↑ 5.28% Average €2,724 €2,833 ↑ 4.01% Butter April €4,300 €4,258 ↓ -0.98% May €4,250 €4,250 ↔ 0.00% June €4,275 €4,320 ↑ 1.05% July €4,450 €4,425 ↓ -0.56% August €4,545 €4,573 ↑ 0.62% September €4,550 €4,613 ↑ 1.38% Average €4,395 €4,407 ↑ 0.26% Whey April €1,400 $1,400 ↔ 0.00% May €1,450 €1,450 ↔ 0.00% June €1,460 €1,460 ↔ 0.00% July €1,460 €1,460 ↔ 0.00% August €1,460 €1,460 ↔ 0.00% September €1,460 €1,460 ↔ 0.00% Average €1,448 €1,448 ↔ 0.00% Liq Milk April €38.58 €38.05 ↓ -1.37% May €39.61 €39.37 ↓ -0.61% June €40.36 €39.93 ↓ -1.07% July €41.07 €40.54 ↓ -1.29% August €41.82 €41.18 ↓ -1.53% September €42.76 €42.01 ↓ -1.75% Average €40.70 €40.18 ↓ -1.28% EEX in USD EEX in USD euro/Dollar 1.1542 1.1725 >> 1.59% Product Contract 06/Apr 10/Apr ∆ ∆ % SMP April $3,181 $3,276 ↑ 2.99% May $3,154 $3,294 ↑ 4.41% June $3,139 $3,325 ↑ 5.92% July $3,131 $3,347 ↑ 6.90% August $3,128 $3,342 ↑ 6.83% September $3,128 $3,345 ↑ 6.95% Average $3,144 $3,321 ↑ 5.66% Butter April $4,963 $4,993 ↑ 0.59% May $4,905 $4,983 ↑ 1.59% June $4,934 $5,065 ↑ 2.65% July $5,136 $5,188 ↑ 1.01% August $5,246 $5,362 ↑ 2.21% September $5,252 $5,409 ↑ 2.99% Average $5,073 $5,167 ↑ 1.85% Whey April $1,616 $1,642 ↑ 1.59% May $1,674 $1,700 ↑ 1.59% June $1,685 $1,712 ↑ 1.59% July $1,685 $1,712 ↑ 1.59% August $1,685 $1,712 ↑ 1.59% September $1,685 $1,712 ↑ 1.59% Average $1,672 $1,698 ↑ 1.59% Liq Milk April $44.53 $44.61 ↑ 0.19% May $45.72 $46.16 ↑ 0.97% June $46.58 $46.82 ↑ 0.50% July $47.40 $47.53 ↑ 0.27% August $48.27 $48.28 ↑ 0.03% September $49.35 $49.26 ↓ -0.20% Average $46.98 $47.11 ↑ 0.29% Comparing current performance with the final trading session of 2025 highlights a strong regional divergence, with most commodities posting gains. The only exception is the US spot whey future, which has declined. Overall, New Zealand stands out as the strongest performer among the three trading blocs. Region Product Change 10/04/'26 VS 26/12/'25 USA CME SMP 49.98% BUTTER 15.85% WHEY 4.33% BLOCK CHEESE 11.42% MILK CLASS III 13.19% MILK CLASS IV 45.29% USA CME SPOT CALL MARKET WHEY -3.42% CHEDDAR BLOCKS 18.16% CHEDDAR BARRELS 12.50% BUTTER 24.60% SMP 79.24% NEW ZEALAND SGX WMP 16.48% SMP 34.13% AMF 18.26% BUTTER 20.77% MILK '26 8.51% MILK '27 16.67% MILK '28 7.25% EU EEX SMP 35.80% BUTTER 2.17% WHEY 37.02% LIQ MILK 1.08%