Dairy futures increase following positive GDT results

The past week saw mostly positive movements in New Zealand and the US dairy futures markets, while the EU market showed a more mixed trend.On the CME, all SMP contracts recorded gains, while Butter and Whey C1 contracts declined. CONTRACT CME Product Month 04/May 08/May ∆ ∆ % SMP July $4,464 $4,563 ↑ 2.22% August $4,387 $4,552 ↑ 3.76% September $4,162 $4,276 ↑ 2.74% October $3,984 $4,021 ↑ 0.93% November $4,232 $4,275 ↑ 1.02% December $3,660 $3,686 ↑ 0.71% Average $4,148 $4,229 ↑ 1.94% Butter July $3,679 $3,660 ↓ -0.52% August $3,496 $3,794 ↑ 8.52% September $3,527 $3,719 ↑ 5.44% October $3,616 $3,827 ↑ 5.84% November $3,697 $3,957 ↑ 7.03% December $3,823 $4,001 ↑ 4.66% Average $3,640 $3,826 ↑ 5.13% Whey July $1,442 $1,415 ↓ -1.87% August $1,462 $1,462 ↑ 0.00% September $1,499 $1,519 ↑ 1.33% October $1,521 $1,559 ↑ 2.50% November $1,550 $1,576 ↑ 1.68% December $1,552 $1,587 ↑ 2.26% Average $1,504 $1,520 ↑ 1.02% Block July $3,642 $3,664 ↑ 0.60% Cheese August $3,682 $3,713 ↑ 0.84% September $3,792 $3,816 ↑ 0.63% October $3,876 $3,886 ↑ 0.26% November $3,942 $3,948 ↑ 0.15% December $3,979 $3,985 ↑ 0.15% Average $3,819 $3,835 ↑ 0.43% Milk July $37.35 $37.37 ↑ 0.05% Class III August $37.94 $38.21 ↑ 0.71% September $39.26 $39.75 ↑ 1.25% October $40.15 $40.52 ↑ 0.92% November $40.94 $41.23 ↑ 0.71% December $41.34 $41.71 ↑ 0.90% Average $39.50 $39.80 ↑ 0.76% Milk July $48.19 $49.43 ↑ 2.57% Class IV August $46.78 $49.14 ↑ 5.04% September $45.28 $47.00 ↑ 3.80% October $43.72 $44.86 ↑ 2.61% November $42.75 $43.85 ↑ 2.57% December $41.84 $43.01 ↑ 2.80% Average $44.76 $46.22 ↑ 3.25% In the CME spot market, all contracts moved up, except that both cheese contracts moved lower during the week. CME Spot market Product 04/May 08/May ∆ ∆ % Dry Whey $2,532 $2,543 ↑ 0.43% Cheese Blocks $3,600 $3,578 ↓ -0.61% Cheese Barrels $3,560 $3,527 ↓ -0.93% Butter $3,428 $3,671 ↑ 7.09% SMP $4,989 $5,049 ↑ 1.20% Following the positive GDT auction results this week, most SGX contracts increased. Exceptions included WMP C1, AMF C4 and C5, and Butter C1, C4, and C5, all of which declined. The front-month Milk contract remained unchanged. SGX Product Month 04/May 08/May ∆ ∆ % SMP May $3,685 $3,700 ↑ 0.41% June $3,700 $3,750 ↑ 1.35% July $3,635 $3,720 ↑ 2.34% August $3,585 $3,675 ↑ 2.51% September $3,550 $3,650 ↑ 2.82% October $3,525 $3,580 ↑ 1.56% Average $3,613 $3,679 ↑ 1.82% Butter May $5,665 $5,650 ↓ -0.26% June $5,300 $5,370 ↑ 1.32% July $5,270 $5,380 ↑ 2.09% August $5,275 $5,275 ↔ 0.00% September $5,260 $5,280 ↑ 0.38% October $5,290 $5,200 ↑ -1.70% Average $5,343 $5,359 ↑ 0.30% WMP May $3,760 $3,750 ↓ -0.27% June $3,820 $3,865 ↑ 1.18% July $3,730 $3,775 ↑ 1.21% August $3,720 $3,760 ↑ 1.08% September $3,700 $3,740 ↑ 1.08% October $3,690 $3,730 ↑ 1.08% Average $3,737 $3,770 ↑ 0.89% AMF May $6,250 $6,385 ↑ 2.16% June $6,100 $6,165 ↑ 1.07% July $5,925 $6,000 ↑ 1.27% August $5,825 $5,825 ↔ 0.00% September $5,815 $5,815 ↔ 0.00% October $5,645 $5,685 ↑ 0.71% Average $5,927 $5,979 ↑ 0.89% Milk Sept '26 $9.83 $9.83 ↔ 0.00% Sept '27 $9.75 $9.81 ↑ 0.62% Sept '28 $9.20 $9.29 ↑ 0.98% On the EEX, all SMP and Butter contracts moved higher. Whey contracts remained stable overall, although the C1 contract declined slightly. All Liquid Milk contracts moved lower during the week. EEX in EUR Product Month 04/May 08/May ∆ ∆ % SMP July €2,894 €2,928 ↑ 1.17% August €2,972 €3,037 ↑ 2.19% September €2,971 €3,086 ↑ 3.87% October €2,958 €3,103 ↑ 4.90% November €2,950 €3,126 ↑ 5.97% December €2,900 €3,085 ↑ 6.38% Average €2,941 €3,061 ↑ 4.08% Butter June €3,888 €3,918 ↑ 0.77% July €3,913 €3,950 ↑ 0.95% August €4,150 €4,184 ↑ 0.82% September €4,250 €4,322 ↑ 1.69% October €4,363 €4,444 ↑ 1.86% November €4,588 €4,631 ↑ 0.94% Average €4,192 €4,242 ↑ 1.18% Whey June €1,550 $1,515 ↓ -2.26% July €1,500 €1,500 ↔ 0.00% August €1,500 €1,500 ↔ 0.00% September €1,500 €1,500 ↔ 0.00% October €1,500 €1,500 ↔ 0.00% November €1,550 €1,550 ↔ 0.00% Average €1,517 €1,511 ↓ -0.38% Liq Milk July €39.08 €38.73 ↓ -0.90% August €39.63 €39.49 ↓ -0.35% September €40.12 €40.01 ↓ -0.27% October €40.54 €40.53 ↓ -0.02% November €41.30 €41.10 ↓ -0.48% December €41.79 €41.62 ↓ -0.41% Average €40.41 €40.25 ↓ -0.40% EEX in USD EEX in USD euro/Dollar 11692% 11788% >> 0.82% Product Month 04/May 08/May ∆ ∆ % SMP June $3,384 $3,423 ↑ 1.15% July $3,475 $3,550 ↑ 2.16% August $3,474 $3,607 ↑ 3.84% September $3,458 $3,627 ↑ 4.88% October $3,449 $3,654 ↑ 5.94% November $3,391 $3,606 ↑ 6.35% Average $3,438 $3,578 ↑ 4.05% Butter June $4,546 $4,580 ↑ 0.75% July $4,575 $4,617 ↑ 0.92% August $4,852 $4,891 ↑ 0.79% September $4,969 $5,052 ↑ 1.67% October $5,101 $5,195 ↑ 1.83% November $5,364 $5,413 ↑ 0.91% Average $4,901 $4,958 ↑ 1.15% Whey June $1,812 $1,771 ↓ -2.28% July $1,754 $1,753 ↓ -0.03% August $1,754 $1,753 ↓ -0.03% September $1,754 $1,753 ↓ -0.03% October $1,754 $1,753 ↓ -0.03% November $1,812 $1,812 ↓ -0.03% Average $1,773 $1,766 ↓ -0.41% Liq Milk June $46.07 $45.65 ↓ -0.91% July $46.72 $46.55 ↓ -0.36% August $47.29 $47.16 ↓ -0.28% September $47.79 $47.78 ↓ -0.02% October $48.68 $48.45 ↓ -0.48% November $49.26 $49.06 ↓ -0.41% Average $47.64 $47.44 ↓ -0.41%