Mixed dairy futures amid continued butter weakness

This week, dairy markets are showing mixed signals, although butter prices continued to decline across all regions.On the CME, most contracts moved upward. The main exceptions were Butter C1–C6, Whey C1, Milk Class III C1, and Milk Class IV C1, which remained unchanged in the front contract but increased in subsequent positions. CONTRACT CME Product Month 20/Apr 24/Apr ∆ ∆ % SMP April $3,905 $3,913 ↑ 0.21% May $4,282 $4,472 ↑ 4.43% June $4,268 $4,497 ↑ 5.39% July $4,018 $4,305 ↑ 7.15% August $3,836 $4,106 ↑ 7.04% September $3,717 $3,963 ↑ 6.61% Average $4,004 $4,209 ↑ 5.12% Butter April $3,930 $3,902 ↓ -0.72% May $3,890 $3,814 ↓ -1.96% June $3,903 $3,836 ↓ -1.71% July $4,009 $3,893 ↓ -2.89% August $4,103 $3,974 ↓ -3.13% September $4,233 $4,056 ↓ -4.17% Average $4,011 $3,913 ↓ -2.46% Whey April $1,433 $1,429 ↓ -0.31% May $1,468 $1,479 ↑ 0.79% June $1,560 $1,563 ↑ 0.21% July $1,576 $1,604 ↑ 1.75% August $1,576 $1,591 ↑ 0.91% September $1,576 $1,577 ↑ 0.03% Average $1,532 $1,540 ↑ 0.58% Block Cheese April $3,622 $3,624 ↑ 0.06% May $3,635 $3,748 ↑ 3.09% June $3,746 $3,823 ↑ 2.06% July $3,860 $3,924 ↑ 1.66% August $3,929 $4,004 ↑ 1.91% September $3,999 $4,032 ↑ 0.83% Average $3,799 $3,859 ↑ 1.60% Milk Class III April $37.15 $37.13 ↓ -0.06% May $37.54 $38.69 ↑ 3.05% June $39.09 $39.97 ↑ 2.26% July $40.50 $41.31 ↑ 2.01% August $41.38 $42.11 ↑ 1.76% September $42.04 $42.28 ↑ 0.58% Average $39.62 $40.25 ↑ 1.60% Milk Class IV April $44.53 $44.53 ↔ 0.00% May $47.49 $49.14 ↑ 3.48% June $47.38 $49.16 ↑ 3.77% July $45.72 $47.86 ↑ 4.68% August $44.53 $46.27 ↑ 3.91% September $43.87 $45.19 ↑ 3.02% Average $45.59 $47.03 ↑ 3.16% In the spot market, both whey and butter declined. Overall, despite these exceptions, the general trend on the CME was positive. CME Spot market Product 20/Apr 24/Apr ∆ ∆ % Dry Whey $1,543 $1,538 ↓ -0.36% Cheese Blocks $3,494 $3,627 ↑ 3.79% Cheese Barrels $3,472 $3,560 ↑ 2.54% Butter $3,825 $3,759 ↓ -1.73% SMP $4,850 $4,982 ↑ 2.73% On the SGX, sentiment weakened following the losses observed during the most recent GDT event, with most futures contracts moving downward. However, there were some exceptions: WMP C1–C3 and AMF C1–C6 posted gains, while Butter C1–C6 showed mixed movement, with C6 unchanged. Milk contracts C1 and C3 also remained stable. SGX Product Month 20/Apr 24/Apr ∆ ∆ % WMP May $3,820 $3,785 ↓ -0.92% June $3,825 $3,790 ↓ -0.92% July $3,730 $3,700 ↓ -0.80% August $3,675 $3,685 ↑ 0.27% September $3,630 $3,675 ↑ 1.24% October $3,600 $3,655 ↑ 1.53% Average $3,713 $3,715 ↑ 0.04% SMP May $3,605 $3,720 ↑ 3.19% June $3,595 $3,720 ↑ 3.48% July $3,495 $3,650 ↑ 4.43% August $3,390 $3,545 ↑ 4.57% September $3,345 $3,515 ↑ 5.08% October $3,280 $3,485 ↑ 6.25% Average $3,452 $3,606 ↑ 4.47% AMF May $6,830 $6,315 ↓ -7.54% June $6,475 $6,165 ↓ -4.79% July $6,110 $5,910 ↓ -3.27% August $5,855 $5,750 ↓ -1.79% September $5,775 $5,750 ↓ -0.43% October $5,690 $5,570 ↓ -2.11% Average $6,123 $5,910 ↓ -3.47% Butter May $5,870 $5,605 ↓ -4.51% June $5,650 $5,275 ↓ -6.64% July $5,500 $5,240 ↓ -4.73% August $5,420 $5,250 ↓ -3.14% September $5,315 $5,200 ↓ -2.16% October $5,250 $5,250 ↔ 0.00% Average $5,501 $5,303 ↓ -3.59% Milk Sept '26 $9.83 $9.83 ↔ 0.00% Sept '27 $9.51 $9.63 ↑ 1.26% Sept '28 $9.15 $9.15 ↔ 0.00% In Europe, EEX dairy markets presented a mostly positive picture. Most contracts increased, except for SMP C1, Butter C1–C6, and Whey C1–C2, where C2 remained unchanged. Liquid milk contracts generally declined, although C1 held steady. EEX in EUR Product Month 20/Apr 24/Apr ∆ ∆ % SMP April €2,734 €2,702 ↓ -1.17% May €2,850 €2,900 ↑ 1.75% June €2,875 €2,963 ↑ 3.06% July €2,888 €3,050 ↑ 5.61% August €2,888 €3,040 ↑ 5.26% September €2,888 €3,040 ↑ 5.26% Average €2,854 €2,949 ↑ 3.34% Butter April €4,225 €4,200 ↓ -0.59% May €4,138 €4,000 ↓ -3.33% June €4,125 €3,989 ↓ -3.30% July €4,275 €4,086 ↓ -4.42% August €4,350 €4,320 ↓ -0.69% September €4,445 €4,414 ↓ -0.70% Average €4,260 €4,168 ↓ -2.15% Whey April €1,400 $1,390 ↓ -0.71% May €1,500 €1,500 ↔ 0.00% June €1,460 €1,500 ↑ 2.74% July €1,460 €1,500 ↑ 2.74% August €1,460 €1,500 ↑ 2.74% September €1,460 €1,500 ↑ 2.74% Average €1,457 €1,482 ↑ 1.72% Liq Milk April €37.91 €37.91 ↔ 0.00% May €39.01 €39.27 ↑ 0.67% June €39.56 €39.83 ↑ 0.68% July €40.06 €40.30 ↑ 0.60% August €40.44 €40.71 ↑ 0.67% September €41.08 €41.48 ↑ 0.97% Average €39.68 €39.92 ↑ 0.60% EEX in USD EEX in USD euro/Dollar 1.1789 1.1722 >> -0.57% Product Month 20/Apr 24/Apr ∆ ∆ % SMP April $3,223 $3,167 ↓ -1.73% May $3,360 $3,399 ↑ 1.18% June $3,389 $3,473 ↑ 2.48% July $3,405 $3,575 ↑ 5.01% August $3,405 $3,563 ↑ 4.66% September $3,405 $3,563 ↑ 4.66% Average $3,364 $3,457 ↑ 2.75% Butter April $4,981 $4,923 ↓ -1.16% May $4,878 $4,689 ↓ -3.88% June $4,863 $4,676 ↓ -3.85% July $5,040 $4,790 ↓ -4.96% August $5,128 $5,064 ↓ -1.25% September $5,240 $5,174 ↓ -1.26% Average $5,022 $4,886 ↓ -2.70% Whey April $1,650 $1,629 ↓ -1.28% May $1,768 $1,758 ↓ -0.57% June $1,721 $1,758 ↑ 2.16% July $1,721 $1,758 ↑ 2.16% August $1,721 $1,758 ↑ 2.16% September $1,721 $1,758 ↑ 2.16% Average $1,717 $1,737 ↑ 1.14% Liq Milk April $44.69 $44.44 ↓ -0.57% May $45.99 $46.03 ↑ 0.09% June $46.64 $46.69 ↑ 0.11% July $47.23 $47.24 ↑ 0.03% August $47.67 $47.72 ↑ 0.10% September $48.43 $48.62 ↑ 0.40% Average $46.77 $46.79 ↑ 0.03% When comparing current performance with the final trading session of 2025, a clear regional divergence emerges. Most commodities have moved upward, with the notable exceptions of CME spot whey futures and EEX butter futures.Overall, the US cash-settled futures market and the SGX, representing New Zealand products, stand out as the strongest performers among the three major trading regions. Region Product Change 24/04/'26 VS 26/12/'25 USA CME SMP 62.84% BUTTER 9.88% WHEY 3.66% BLOCK CHEESE 13.24% MILK CLASS III 14.93% MILK CLASS IV 51.60% USA CME SPOT CALL MARKET WHEY -4.45% CHEDDAR BLOCKS 23.22% CHEDDAR BARRELS 15.36% BUTTER 21.57% SMP 91.53% NEW ZEALAND SGX WMP 17.94% SMP 41.07% AMF 9.44% BUTTER 8.94% MILK '26 8.62% MILK '27 18.89% MILK '28 7.02% EU EEX SMP 41.38% BUTTER -3.36% WHEY 40.18% LIQ MILK 0.42%