Mixed dairy futures emerge amid global butter decline

This week’s dairy markets present a mixed picture, with butter prices declining across all regions.The CME was marked by predominantly negative sentiment, with most contracts declining. The exceptions were SMP C2–C6, cheese C3–C6, and milk Class III C4–C6, which posted gains, while milk Class IV remained unchanged in C1 and increased across the remaining contracts. CONTRACT CME Product Month 13/Apr 17/Apr ∆ ∆ % SMP April $3,912 $3,905 ↓ -0.18% May $4,189 $4,266 ↑ 1.84% June $4,056 $4,244 ↑ 4.62% July $3,833 $4,001 ↑ 4.40% August $3,665 $3,802 ↑ 3.74% September $3,571 $3,665 ↑ 2.61% Average $3,871 $3,980 ↑ 2.83% Butter April $3,941 $3,930 ↓ -0.28% May $3,940 $3,814 ↓ -3.19% June $4,034 $3,874 ↓ -3.98% July $4,139 $3,985 ↓ -3.70% August $4,238 $4,090 ↓ -3.50% September $4,347 $4,200 ↓ -3.39% Average $4,107 $3,982 ↓ -3.03% Whey April $1,455 $1,433 ↓ -1.52% May $1,523 $1,477 ↓ -3.04% June $1,604 $1,550 ↓ -3.37% July $1,595 $1,576 ↓ -1.17% August $1,599 $1,576 ↓ -1.45% September $1,590 $1,576 ↓ -0.87% Average $1,561 $1,531 ↓ -1.90% Block Cheese April $3,638 $3,620 ↓ -0.48% May $3,640 $3,629 ↓ -0.30% June $3,741 $3,768 ↑ 0.71% July $3,849 $3,878 ↑ 0.74% August $3,913 $3,946 ↑ 0.85% September $3,968 $3,995 ↑ 0.67% Average $3,792 $3,806 ↑ 0.38% Milk Class III April $37.48 $37.15 ↓ -0.88% May $37.79 $37.41 ↓ -0.99% June $39.46 $39.44 ↓ -0.06% July $40.54 $40.56 ↑ 0.05% August $41.23 $41.31 ↑ 0.21% September $41.62 $41.73 ↑ 0.26% Average $39.69 $39.60 ↓ -0.21% Milk Class IV April $44.53 $44.53 ↔ 0.00% May $47.07 $47.22 ↑ 0.33% June $46.14 $47.35 ↑ 2.63% July $44.40 $45.30 ↑ 2.04% August $43.85 $43.94 ↑ 0.20% September $42.99 $43.23 ↑ 0.56% Average $44.83 $45.26 ↑ 0.97% The CME spot market also weakened, with declines observed in whey, cheese blocks, and butter. CME Spot market Product 13/Apr 17/Apr ∆ ∆ % Dry Whey $1,565 $1,521 ↓ -2.83% Cheese Blocks $3,489 $3,478 ↓ -0.32% Cheese Barrels $3,472 $3,472 ↔ 0.00% Butter $3,847 $3,726 ↓ -3.15% SMP $4,701 $4,850 ↑ 3.17% On the SGX, despite the negative outcome of the latest GDT event, sentiment remained relatively firm. All WMP and SMP contracts increased, except for C1 for both products. AMF declined across all contracts except C3, while butter fell across the entire curve. Liquid milk was unchanged in C1 but declined in C2 and C3. SGX Product Month 13/Apr 17/Apr ∆ ∆ % WMP April $3,720 $3,690 ↓ -0.81% May $3,750 $3,795 ↑ 1.20% June $3,745 $3,815 ↑ 1.87% July $3,635 $3,695 ↑ 1.65% August $3,605 $3,655 ↑ 1.39% September $3,560 $3,615 ↑ 1.54% Average $3,669 $3,711 ↑ 1.14% SMP April $3,535 $3,515 ↓ -0.57% May $3,570 $3,595 ↑ 0.70% June $3,550 $3,580 ↑ 0.85% July $3,430 $3,470 ↑ 1.17% August $3,340 $3,360 ↑ 0.60% September $3,270 $3,310 ↑ 1.22% Average $3,449 $3,472 ↑ 0.65% AMF April $6,970 $6,960 ↓ -0.14% May $6,920 $6,830 ↓ -1.30% June $6,440 $6,475 ↑ 0.54% July $6,190 $6,090 ↓ -1.62% August $5,950 $5,900 ↓ -0.84% September $5,840 $5,775 ↓ -1.11% Average $6,385 $6,338 ↓ -0.73% Butter April $6,475 $6,325 ↓ -2.32% May $6,275 $5,970 ↓ -4.86% June $6,055 $5,710 ↓ -5.70% July $5,575 $5,500 ↓ -1.35% August $5,550 $5,320 ↓ -4.14% September $5,345 $5,315 ↓ -0.56% Average $5,879 $5,690 ↓ -3.22% Milk Sept '26 $9.83 $9.83 ↔ 0.00% Sept '27 $9.50 $9.49 ↓ -0.11% Sept '28 $9.17 $9.15 ↓ -0.22% European dairy markets displayed a mixed performance during the week. At the EEX, SMP contracts moved upward across the board, except for C1. Butter contracts declined across all maturities. Whey remained largely stable, with only C2 posting an increase. Liquid milk contracts declined overall, with C2 as the sole exception showing an increase. EEX in EUR Product Month 13/Apr 17/Apr ∆ ∆ % SMP April €2,804 €2,751 ↓ -1.89% May €2,813 €2,843 ↑ 1.07% June €2,850 €2,869 ↑ 0.67% July €2,850 €2,888 ↑ 1.33% August €2,825 €2,888 ↑ 2.23% September €2,813 €2,888 ↑ 2.67% Average €2,826 €2,855 ↑ 1.01% Butter April €4,258 €4,225 ↓ -0.78% May €4,250 €4,150 ↓ -2.35% June €4,320 €4,150 ↓ -3.94% July €4,425 €4,275 ↓ -3.39% August €4,570 €4,350 ↓ -4.81% September €4,615 €4,445 ↓ -3.68% Average €4,406 €4,266 ↓ -3.19% Whey April €1,400 $1,400 ↔ 0.00% May €1,450 €1,460 ↑ 0.69% 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 €1,450 ↑ 0.12% Liq Milk April €38.03 €37.91 ↓ -0.32% May €39.29 €39.53 ↑ 0.61% June €39.77 €39.53 ↓ -0.60% July €40.32 €40.02 ↓ -0.74% August €40.99 €40.06 ↓ -2.27% September €41.76 €41.33 ↓ -1.03% Average €40.03 €39.73 ↓ -0.74% EEX in USD EEX in USD euro/Dollar 1.1761 1.1765 >> 0.03% Product Month 13/Apr 17/Apr ∆ ∆ % SMP April $3,298 $3,237 ↓ -1.86% May $3,308 $3,345 ↑ 1.10% June $3,352 $3,375 ↑ 0.70% July $3,352 $3,398 ↑ 1.37% August $3,322 $3,398 ↑ 2.26% September $3,308 $3,398 ↑ 2.70% Average $3,323 $3,358 ↑ 1.05% Butter April $5,008 $4,971 ↓ -0.74% May $4,998 $4,882 ↓ -2.32% June $5,081 $4,882 ↓ -3.90% July $5,204 $5,030 ↓ -3.36% August $5,375 $5,118 ↓ -4.78% September $5,428 $5,230 ↓ -3.65% Average $5,182 $5,019 ↓ -3.16% Whey April $1,647 $1,647 ↑ 0.03% May $1,705 $1,718 ↑ 0.72% June $1,717 $1,718 ↑ 0.03% July $1,717 $1,718 ↑ 0.03% August $1,717 $1,718 ↑ 0.03% September $1,717 $1,718 ↑ 0.03% Average $1,703 $1,706 ↑ 0.15% Liq Milk April $44.73 $44.60 ↓ -0.28% May $46.21 $46.51 ↑ 0.65% June $46.77 $46.51 ↓ -0.57% July $47.42 $47.08 ↓ -0.71% August $48.21 $47.13 ↓ -2.24% September $49.11 $48.62 ↓ -1.00% Average $47.08 $46.74 ↓ -0.71% A comparison between current market levels and the final trading session of 2025 highlights notable regional divergence. While most commodities have increased, CME spot whey futures, along with EEX butter and liquid milk, are exceptions and have declined. Overall, New Zealand emerges as the strongest performer among the three major trading regions. Region Product Change 17/04/'26 VS 26/12/'25 USA CME SMP 53.98% BUTTER 11.83% WHEY 3.05% BLOCK CHEESE 11.67% MILK CLASS III 13.08% MILK CLASS IV 45.92% USA CME SPOT CALL MARKET WHEY -5.49% CHEDDAR BLOCKS 18.16% CHEDDAR BARRELS 12.50% BUTTER 20.50% SMP 86.44% NEW ZEALAND SGX WMP 17.80% SMP 35.82% AMF 17.38% BUTTER 16.89% MILK '26 8.62% MILK '27 17.16% MILK '28 7.02% EU EEX SMP 36.84% BUTTER -1.09% WHEY 37.18% LIQ MILK -0.05%