Mixed sentiment across global dairy futures

This week, dairy futures markets presented mixed signals, with the US market showing the broadest declines across contracts.At the CME, most contracts moved lower. Exceptions included SMP contracts C2, C3, and C6; Butter contracts C1 through C6; Whey contracts C1 through C6, with additional strength in C4 through C6; and Milk Class IV contracts C2 and C3. CONTRACT CME Product Contract 11/May 15/May ∆ ∆ % SMP May $4,586 $4,574 ↓ -0.25% June $4,520 $4,594 ↑ 1.65% July $4,211 $4,212 ↑ 0.03% August $3,924 $3,913 ↓ -0.28% September $3,752 $3,731 ↓ -0.54% October $3,616 $3,617 ↑ 0.03% Average $4,101 $4,107 ↑ 0.14% Butter May $3,660 $3,660 ↑ 0.02% June $3,660 $3,698 ↑ 1.05% July $3,704 $3,748 ↑ 1.21% August $3,813 $3,833 ↑ 0.52% September $3,931 $3,946 ↑ 0.38% October $3,967 $4,012 ↑ 1.14% Average $3,789 $3,816 ↑ 0.72% Whey May $1,416 $1,411 ↓ -0.39% June $1,461 $1,438 ↓ -1.51% July $1,521 $1,512 ↓ -0.58% August $1,538 $1,560 ↑ 1.43% September $1,577 $1,586 ↑ 0.56% October $1,570 $1,585 ↑ 0.95% Average $1,514 $1,515 ↑ 0.10% Block Cheese May $3,668 $3,662 ↓ -0.18% June $3,690 $3,664 ↓ -0.72% July $3,792 $3,748 ↓ -1.16% August $3,869 $3,843 ↓ -0.68% September $3,940 $3,920 ↓ -0.50% October $3,993 $3,984 ↓ -0.22% Average $3,825 $3,803 ↓ -0.58% Milk Class III May $37.50 $37.39 ↓ -0.29% June $37.87 $37.52 ↓ -0.93% July $39.35 $38.87 ↓ -1.23% August $40.34 $40.10 ↓ -0.60% September $41.12 $41.01 ↓ -0.27% October $41.69 $41.67 ↓ -0.05% Average $39.65 $39.43 ↓ -0.56% Milk Class IV May $49.43 $49.32 ↓ -0.22% June $48.85 $49.60 ↑ 1.53% July $46.08 $46.49 ↑ 0.91% August $44.27 $44.07 ↓ -0.45% September $43.14 $42.88 ↓ -0.61% October $42.33 $42.17 ↓ -0.36% Average $45.68 $45.76 ↑ 0.16% The CME spot market, however, declined across all commodities. CME Spot market Product 11/May 15/May ∆ ∆ % Dry Whey $1,543 $1,510 ↓ -2.14% Cheese Blocks $3,577 $3,428 ↓ -4.16% Cheese Barrels $3,527 $3,428 ↓ -2.81% Butter $3,627 $3,616 ↓ -0.30% SMP $5,037 $5,010 ↓ -0.55% At the SGX, sentiment remained more positive following the gains recorded during the latest GDT event. Most futures contracts moved higher, with the exceptions being WMP C6, SMP contracts C1 through C6, AMF C1, and Butter C1, which remained unchanged. Milk contracts increased across all maturities. SGX Product Contract 11/May 15/May ∆ ∆ % WMP May $3,750 $3,765 ↑ 0.40% June $3,875 $3,885 ↑ 0.26% July $3,780 $3,815 ↑ 0.93% August $3,770 $3,785 ↑ 0.40% September $3,755 $3,765 ↑ 0.27% October $3,745 $3,725 ↓ -0.53% Average $3,779 $3,790 ↑ 0.29% SMP May $3,700 $3,680 ↓ -0.54% June $3,765 $3,760 ↓ -0.13% July $3,750 $3,735 ↓ -0.40% August $3,700 $3,680 ↓ -0.54% September $3,680 $3,620 ↓ -1.63% October $3,610 $3,565 ↓ -1.25% Average $3,701 $3,673 ↓ -0.74% AMF May $6,385 $6,385 ↔ 0.00% June $6,165 $6,340 ↑ 2.84% July $6,000 $6,120 ↑ 2.00% August $5,825 $6,025 ↑ 3.43% September $5,730 $5,855 ↑ 2.18% October $5,700 $5,850 ↑ 2.63% Average $5,968 $6,096 ↑ 2.15% Butter May $5,650 $5,650 ↔ 0.00% June $5,450 $5,550 ↑ 1.83% July $5,475 $5,555 ↑ 1.46% August $5,275 $5,420 ↑ 2.75% September $5,280 $5,345 ↑ 1.23% October $5,200 $5,315 ↑ 2.21% Average $5,388 $5,473 ↑ 1.56% Milk Sept '26 $9.83 $9.85 ↑ 0.20% Sept '27 $9.82 $9.87 ↑ 0.51% Sept '28 $9.29 $9.45 ↑ 1.72% Meanwhile, European dairy markets delivered a more mixed performance throughout the week. At the EEX, increases were observed on SMP contracts C1, C3, and C4; Butter contracts C2, C4, C5, and C6; and Whey contracts C2, C3, C5, and C6. Liquid milk contracts increased in C5 and C6. All other contracts declined. EEX in EUR Product Contract 11/May 15/May ∆ ∆ % SMP May €2,924 €2,938 ↑ 0.48% June €3,023 €3,013 ↓ -0.33% July €3,069 €3,100 ↑ 1.01% August €3,100 €3,113 ↑ 0.42% September €3,138 €3,060 ↓ -2.49% October €3,113 €3,023 ↓ -2.89% Average €3,061 €3,041 ↓ -0.65% Butter May €3,925 €3,900 ↓ -0.64% June €3,938 €3,958 ↑ 0.51% July €4,168 €4,163 ↓ -0.12% August €4,288 €4,300 ↑ 0.28% September €4,438 €4,456 ↑ 0.41% October €4,625 €4,638 ↑ 0.28% Average €4,230 €4,236 ↑ 0.13% Whey May €1,515 $1,500 ↓ -0.99% June €1,530 €1,540 ↑ 0.65% July €1,540 €1,565 ↑ 1.62% August €1,550 €1,538 ↓ -0.77% September €1,550 €1,563 ↑ 0.84% October €1,550 €1,600 ↑ 3.23% Average €1,539 €1,551 ↑ 0.77% Liq Milk May €38.45 €37.95 ↓ -1.30% June €39.44 €39.07 ↓ -0.94% July €40.02 €40.00 ↓ -0.05% August €40.56 €40.54 ↓ -0.05% September €40.98 €41.02 ↑ 0.10% October €41.58 €41.62 ↑ 0.10% Average €40.17 €40.03 ↓ -0.34% EEX in USD EEX in USD euro/Dollar 11784 11627 >> -1.33% Product Contract 11/May 15/May ∆ ∆ % SMP May $3,446 $3,416 ↓ -0.86% June $3,562 $3,503 ↓ -1.66% July $3,617 $3,604 ↓ -0.34% August $3,653 $3,619 ↓ -0.92% September $3,698 $3,558 ↓ -3.78% October $3,668 $3,515 ↓ -4.18% Average $3,607 $3,536 ↓ -1.98% Butter May $4,625 $4,535 ↓ -1.96% June $4,641 $4,602 ↓ -0.83% July $4,912 $4,840 ↓ -1.45% August $5,053 $5,000 ↓ -1.06% September $5,230 $5,181 ↓ -0.93% October $5,450 $5,393 ↓ -1.05% Average $4,985 $4,925 ↓ -1.20% Whey May $1,785 $1,744 ↓ -2.31% June $1,803 $1,791 ↓ -0.69% July $1,815 $1,820 ↑ 0.27% August $1,827 $1,788 ↓ -2.10% September $1,827 $1,817 ↓ -0.50% October $1,827 $1,860 ↑ 1.85% Average $1,814 $1,803 ↓ -0.57% Liq Milk May $45.31 $44.12 ↓ -2.62% June $46.48 $45.43 ↓ -2.26% July $47.16 $46.51 ↓ -1.38% August $47.80 $47.14 ↓ -1.38% September $48.29 $47.69 ↓ -1.24% October $49.00 $48.39 ↓ -1.24% Average $47.34 $46.55 ↓ -1.67% When comparing current market performance with the final trading session of 2025, a clear regional divergence becomes visible. Most commodities have moved higher overall, with the main exceptions being CME Spot Whey futures and EEX Butter futures.Overall, the US cash-settled futures market and the SGX market for New Zealand dairy products continue to stand out as the strongest performers among the three trading blocs. Region Product Change 15/05/'26 VS 26/12/'25 USA CME SMP 58.87% BUTTER 7.17% WHEY 1.97% CHEESE 11.60% MILK CLASS III 12.58% MILK CLASS IV 47.51% USA CME SPOT CALL MARKET WHEY -6.16% CHEDDAR BLOCKS 16.48% CHEDDAR BARRELS 11.07% BUTTER 16.93% SMP 92.58% NEW ZEALAND SGX WMP 20.32% SMP 43.71% AMF 12.89% BUTTER 12.42% MILK '26 8.84% MILK '27 21.85% MILK '28 10.53% EU EEX SMP 45.79% BUTTER -1.79% WHEY 46.74% LIQ MILK 0.71%