Bearish sentiment persists across dairy future markets

Following the weakness observed the previous week, sentiment remained bearish.Most contracts moved lower at the CME. The exceptions were Butter contracts C2–C6, all Whey contracts, and Milk Class III C6, which posted gains. CONTRACT CME Product Contract 01/Jun 05/Jun ∆ ∆ % SMP June $4,528 $4,387 ↓ -3.12% July $4,172 $3,911 ↓ -6.25% August $3,784 $3,483 ↓ -7.94% September $3,638 $3,383 ↓ -6.98% October $3,555 $3,326 ↓ -6.43% November $3,527 $3,326 ↓ -5.72% Average $3,867 $3,636 ↓ -5.98% Butter June $3,682 $3,682 ↔ 0.00% July $3,880 $3,891 ↑ 0.28% August $3,956 $4,001 ↑ 1.16% September $4,056 $4,078 ↑ 0.54% October $4,123 $4,167 ↑ 1.07% November $4,167 $4,178 ↑ 0.26% Average $3,977 $3,999 ↑ 0.56% Whey June $1,433 $1,444 ↑ 0.77% July $1,461 $1,483 ↑ 1.47% August $1,483 $1,499 ↑ 1.12% September $1,507 $1,521 ↑ 0.95% October $1,521 $1,549 ↑ 1.81% November $1,533 $1,544 ↑ 0.76% Average $1,490 $1,507 ↑ 1.15% Block Cheese June $3,501 $3,461 ↓ -1.13% July $3,602 $3,569 ↓ -0.92% August $3,702 $3,660 ↓ -1.13% September $3,792 $3,763 ↓ -0.76% October $3,896 $3,869 ↓ -0.68% November $3,902 $3,900 ↓ -0.06% Average $3,732 $3,704 ↓ -0.77% Milk Class III June $35.91 $35.56 ↓ -0.98% July $37.21 $36.84 ↓ -1.01% August $38.32 $37.94 ↓ -0.98% September $39.24 $39.04 ↓ -0.51% October $40.43 $40.34 ↓ -0.22% November $40.52 $40.61 ↑ 0.22% Average $38.61 $38.39 ↓ -0.56% Milk Class IV June $49.05 $47.73 ↓ -2.70% July $46.63 $43.76 ↓ -6.15% August $43.41 $40.83 ↓ -5.94% September $42.37 $40.06 ↓ -5.46% October $42.33 $40.78 ↓ -3.65% November $41.93 $40.98 ↓ -2.26% Average $44.29 $42.36 ↓ -4.36% In the CME spot market, Whey, Cheese Blocks, and SMP declined, while Cheese Barrels remained unchanged and Butter increased. CME Spot market Product 01/Jun 05/Jun ∆ ∆ % Dry Whey $1,532 $1,477 ↓ -3.60% Cheese Blocks $3,252 $3,246 ↓ -0.17% Cheese Barrels $3,175 $3,175 ↔ 0.00% Butter $3,682 $3,731 ↑ 1.35% SMP $4,696 $4,508 ↓ -3.99% Following the more bullish tone observed in futures markets the previous week and the modest decline at the GDT auction, the SGX dairy futures market adopted a more cautious to bearish tone. Most contracts moved lower, except for AMF and Butter. Butter C5 and C6 remained unchanged. All milk contracts posted losses. SGX Product Contract 01/Jun 05/Jun ∆ ∆ % WMP June $3,755 $3,705 ↓ -1.33% July $3,675 $3,580 ↓ -2.59% August $3,640 $3,545 ↓ -2.61% September $3,600 $3,535 ↓ -1.81% October $3,580 $3,525 ↓ -1.54% November $3,600 $3,530 ↓ -1.94% Average $3,642 $3,570 ↓ -1.97% SMP June $3,575 $3,485 ↓ -2.52% July $3,490 $3,345 ↓ -4.15% August $3,445 $3,300 ↓ -4.21% September $3,415 $3,265 ↓ -4.39% October $3,370 $3,245 ↓ -3.71% November $3,365 $3,250 ↓ -3.42% Average $3,443 $3,315 ↓ -3.73% AMF June $6,400 $6,760 ↑ 5.62% July $6,280 $6,450 ↑ 2.71% August $6,175 $6,350 ↑ 2.83% September $6,145 $6,215 ↑ 1.14% October $5,900 $6,020 ↑ 2.03% November $5,780 $5,840 ↑ 1.04% Average $6,113 $6,273 ↑ 2.60% Butter June $5,800 $6,025 ↑ 3.88% July $5,650 $5,800 ↑ 2.65% August $5,490 $5,600 ↑ 2.00% September $5,355 $5,520 ↑ 3.08% October $5,300 $5,300 ↔ 0.00% November $5,275 $5,275 ↔ 0.00% Average $5,478 $5,587 ↑ 1.98% Milk Sept '26 $9.84 $9.82 ↓ -0.20% Sept '27 $9.75 $9.70 ↓ -0.51% Sept '28 $9.46 $9.44 ↓ -0.21% The EEX also reflected weakness. Most contracts moved lower, except for Whey C1, which increased, while Liquid Milk C1 remained unchanged. EEX in EUR Product Contract 01/Jun 05/Jun ∆ ∆ % SMP June €2,901 €2,825 ↓ -2.62% July €2,834 €2,695 ↓ -4.90% August €2,842 €2,700 ↓ -5.00% September €2,788 €2,705 ↓ -2.98% October €2,850 €2,725 ↓ -4.39% November €2,850 €2,725 ↓ -4.39% Average €2,844 €2,729 ↓ -4.04% Butter June €3,975 €3,950 ↓ -0.63% July €4,025 €3,878 ↓ -3.65% August €4,125 €4,014 ↓ -2.69% September €4,222 €4,099 ↓ -2.91% October €4,408 €4,315 ↓ -2.11% November €4,456 €4,350 ↓ -2.38% Average €4,202 €4,101 ↓ -2.40% Whey June €1,525 $1,550 ↑ 1.64% July €1,550 €1,540 ↓ -0.65% August €1,575 €1,540 ↓ -2.22% September €1,588 €1,540 ↓ -3.02% October €1,675 €1,555 ↓ -7.16% November €1,700 €1,550 ↓ -8.82% Average €1,602 €1,546 ↓ -3.52% Liq Milk June €38.33 €38.33 ↔ 0.00% July €38.95 €38.93 ↓ -0.05% August €39.82 €39.37 ↓ -1.13% September €40.14 €39.93 ↓ -0.52% October €40.97 €40.71 ↓ -0.63% November €41.69 €41.60 ↓ -0.22% Average €39.98 €39.81 ↓ -0.43% EEX in USD EEX in USD euro/Dollar 11631 11522 >> -0.94% Product Contract 01/Jun 05/Jun ∆ ∆ % SMP June $3,374 $3,255 ↓ -3.53% July $3,296 $3,105 ↓ -5.80% August $3,306 $3,111 ↓ -5.89% September $3,243 $3,117 ↓ -3.89% October $3,315 $3,140 ↓ -5.28% November $3,315 $3,140 ↓ -5.28% Average $3,308 $3,145 ↓ -4.94% Butter June $4,623 $4,551 ↓ -1.56% July $4,681 $4,468 ↓ -4.56% August $4,798 $4,625 ↓ -3.60% September $4,911 $4,723 ↓ -3.82% October $5,127 $4,972 ↓ -3.03% November $5,183 $5,012 ↓ -3.29% Average $4,887 $4,725 ↓ -3.31% Whey June $1,774 $1,786 ↑ 0.69% July $1,803 $1,774 ↓ -1.58% August $1,832 $1,774 ↓ -3.14% September $1,847 $1,774 ↓ -3.93% October $1,948 $1,792 ↓ -8.03% November $1,977 $1,786 ↓ -9.68% Average $1,863 $1,781 ↓ -4.42% Liq Milk June $44.58 $44.16 ↓ -0.94% July $45.30 $44.86 ↓ -0.99% August $46.31 $45.36 ↓ -2.06% September $46.69 $46.01 ↓ -1.46% October $47.65 $46.91 ↓ -1.57% November $48.49 $47.93 ↓ -1.15% Average $46.50 $45.87 ↓ -1.36% Comparing current performance with the final trading session of 2025 reveals a strong regional divergence. Overall, most commodities have moved higher since year-end. The main exceptions are the US spot market Whey and EEX Butter. All futures contracts recorded gains on the SGX.Overall, New Zealand and the US stand out as the strongest-performing regions among the three trading blocs. Region Product Change 05-06 / '26 VS 26/12/'25 USA CME SMP 40.66% BUTTER 12.31% WHEY 1.39% CHEESE 8.68% MILK CLASS III 9.62% MILK CLASS IV 36.55% USA CME SPOT CALL MARKET WHEY -8.22% CHEDDAR BLOCKS 10.30% CHEDDAR BARRELS 2.86% BUTTER 20.68% SMP 73.31% NEW ZEALAND SGX WMP 13.33% SMP 29.69% AMF 16.16% BUTTER 14.76% MILK '26 8.51% MILK '27 19.75% MILK '28 10.41% EU EEX SMP 30.83% BUTTER -4.92% WHEY 46.25% LIQ MILK 0.16%