Bearish sentiment extends in dairy future markets

Following the weakness observed the previous week, dairy exchanges around the world moved lower again.A closer look at the CME highlights the generally bearish tone across the market. Most contracts moved lower, except for Milk Class III C6, which posted a gain. CONTRACT CME Product Contract 08/Jun 12/Jun ∆ ∆ % SMP June $4,387 $4,190 ↓ -4.48% July $3,923 $3,715 ↓ -5.31% August $3,504 $3,435 ↓ -1.97% September $3,406 $3,348 ↓ -1.70% October $3,356 $3,327 ↓ -0.89% November $3,355 $3,329 ↓ -0.77% Average $3,655 $3,557 ↓ -2.68% Butter June $3,703 $3,693 ↓ -0.28% July $3,924 $3,735 ↓ -4.83% August $3,996 $3,836 ↓ -4.00% September $4,106 $3,913 ↓ -4.70% October $4,189 $4,023 ↓ -3.95% November $4,211 $4,071 ↓ -3.31% Average $4,021 $3,879 ↓ -3.55% Whey June $1,444 $1,411 ↓ -2.29% July $1,488 $1,434 ↓ -3.67% August $1,502 $1,466 ↓ -2.39% September $1,532 $1,488 ↓ -2.88% October $1,549 $1,521 ↓ -1.78% November $1,543 $1,521 ↓ -1.43% Average $1,510 $1,473 ↓ -2.40% Block Cheese June $3,461 $3,444 ↓ -0.51% July $3,587 $3,560 ↓ -0.74% August $3,671 $3,613 ↓ -1.56% September $3,770 $3,726 ↓ -1.17% October $3,876 $3,840 ↓ -0.91% November $3,904 $3,884 ↓ -0.51% Average $3,711 $3,678 ↓ -0.90% Milk Class III June $35.52 $35.25 ↓ -0.74% July $37.13 $36.55 ↓ -1.54% August $38.10 $37.19 ↓ -2.37% September $39.20 $38.45 ↓ -1.91% October $42.70 $39.75 ↓ -6.92% November $40.92 $40.26 ↑ -1.62% Average $38.93 $37.91 ↓ -2.61% Milk Class IV June $47.73 $45.97 ↓ -3.70% July $44.47 $42.37 ↓ -4.71% August $41.56 $40.17 ↓ -3.34% September $40.78 $40.01 ↓ -1.89% October $40.94 $39.55 ↓ -3.39% November $40.98 $39.81 ↓ -2.85% Average $42.74 $41.31 ↓ -3.34% In the CME spot market, whey, cheese blocks, and SMP declined, while cheese barrels remained unchanged and butter posted gains. CME Spot market Product 08/Jun 12/Jun ∆ ∆ % Dry Whey $1,477 $1,499 ↑ 1.49% Cheese Blocks $3,274 $3,279 ↑ 0.17% Cheese Barrels $3,263 $3,131 ↓ -4.05% Butter $3,748 $3,676 ↓ -1.91% SMP $4,409 $3,935 ↓ -10.75% Following the more cautious sentiment in the SGX futures market last week, and the modest loss at the previous GDT event, SGX dairy futures continued to trend lower. Most contracts declined, except for AMF C1 and C2, Butter C1, C2, and C3, and milk contracts for 2028. SGX Product Contract 08/Jun 12/Jun ∆ ∆ % WMP June $3,685 $3,675 ↓ -0.27% July $3,585 $3,560 ↓ -0.70% August $3,550 $3,520 ↓ -0.85% September $3,540 $3,500 ↓ -1.13% October $3,535 $3,510 ↓ -0.71% November $3,545 $3,520 ↓ -0.71% Average $3,573 $3,548 ↓ -0.72% SMP June $3,480 $3,440 ↓ -1.15% July $3,340 $3,270 ↓ -2.10% August $3,295 $3,175 ↓ -3.64% September $3,260 $3,150 ↓ -3.37% October $3,220 $3,130 ↓ -2.80% November $3,225 $3,155 ↓ -2.17% Average $3,303 $3,220 ↓ -2.52% AMF June $6,760 $6,760 ↔ 0.00% July $6,450 $6,450 ↔ 0.00% August $6,315 $6,255 ↓ -0.95% September $6,215 $6,045 ↓ -2.74% October $6,020 $5,850 ↓ -2.82% November $5,920 $5,750 ↓ -2.87% Average $6,280 $6,185 ↓ -1.51% Butter June $6,015 $6,025 ↑ 0.17% July $5,800 $5,800 ↔ 0.00% August $5,535 $5,570 ↑ 0.63% September $5,465 $5,430 ↓ -0.64% October $5,300 $5,205 ↓ -1.79% November $5,275 $5,210 ↓ -1.23% Average $5,565 $5,540 ↓ -0.45% Milk Sept '26 $9.82 $9.78 ↓ -0.41% Sept '27 $9.70 $9.55 ↓ -1.55% Sept '28 $9.44 $9.45 ↑ 0.11% European dairy markets also experienced predominantly negative price movements during the week. The main exceptions were Butter C1 and C2, which increased, and Liquid Milk C1, which remained unchanged. EEX in EUR Product Contract 08/Jun 12/Jun ∆ ∆ % SMP June €2,825 €2,800 ↓ -0.88% July €2,695 €2,685 ↓ -0.37% August €2,700 €2,690 ↓ -0.37% September €2,705 €2,690 ↓ -0.55% October €2,725 €2,700 ↓ -0.92% November €2,725 €2,700 ↓ -0.92% Average €2,729 €2,711 ↓ -0.67% Butter June €3,950 €3,965 ↑ 0.38% July €3,955 €4,042 ↑ 2.20% August €4,075 €4,000 ↓ -1.84% September €4,185 €4,163 ↓ -0.53% October €4,315 €4,225 ↓ -2.09% November €4,350 €4,325 ↓ -0.57% Average €4,138 €4,120 ↓ -0.44% Whey June €1,550 $1,470 ↓ -5.16% July €1,540 €1,470 ↓ -4.55% August €1,540 €1,485 ↓ -3.57% September €1,540 €1,500 ↓ -2.60% October €1,540 €1,485 ↓ -3.57% November €1,540 €1,475 ↓ -4.22% Average €1,542 €1,481 ↓ -3.95% Liq Milk June €38.33 €38.33 ↔ 0.00% July €38.91 €38.90 ↓ -0.03% August €39.21 €38.91 ↓ -0.77% September €39.96 €39.76 ↓ -0.50% October €40.72 €40.42 ↓ -0.74% November €41.60 €41.39 ↓ -0.50% Average €39.79 €39.62 ↓ -0.43% EEX in USD EEX in USD euro/Dollar 11535 11568 >> 0.29% Product Contract 08/Jun 12/Jun ∆ ∆ % SMP June $3,259 $3,239 ↓ -0.60% July $3,109 $3,106 ↓ -0.09% August $3,114 $3,112 ↓ -0.09% September $3,120 $3,112 ↓ -0.27% October $3,143 $3,123 ↓ -0.63% November $3,143 $3,123 ↓ -0.63% Average $3,148 $3,136 ↓ -0.39% Butter June $4,556 $4,587 ↑ 0.67% July $4,562 $4,676 ↑ 2.49% August $4,701 $4,627 ↓ -1.56% September $4,827 $4,816 ↓ -0.24% October $4,977 $4,887 ↓ -1.81% November $5,018 $5,003 ↓ -0.29% Average $4,774 $4,766 ↓ -0.16% Whey June $1,788 $1,700 ↓ -4.89% July $1,776 $1,700 ↓ -4.27% August $1,776 $1,718 ↓ -3.30% September $1,776 $1,735 ↓ -2.32% October $1,776 $1,718 ↓ -3.30% November $1,776 $1,706 ↓ -3.95% Average $1,778 $1,713 ↓ -3.67% Liq Milk June $44.21 $44.34 ↑ 0.29% July $44.88 $45.00 ↑ 0.26% August $45.23 $45.01 ↓ -0.48% September $46.09 $45.99 ↓ -0.22% October $46.97 $46.76 ↓ -0.45% November $47.99 $47.88 ↓ -0.22% Average $45.90 $45.83 ↓ -0.14% Comparing current market performance with the final trading session of 2025 reveals a clear regional divergence. Overall, most commodities have posted gains since year-end. The main exceptions are US whey on both markets, as well as EEX butter and liquid milk. In contrast, all SGX dairy futures contracts are trading above their levels at the end of 2025. Overall, New Zealand and the US continue to stand out as the strongest-performing regions among the three trading blocs. Region Product Change 12-6- '26 VS 26/12/'25 USA CME SMP 37.61% BUTTER 8.92% WHEY -0.84% CHEESE 7.92% MILK CLASS III 8.25% MILK CLASS IV 33.19% USA CME SPOT CALL MARKET WHEY -6.85% CHEDDAR BLOCKS 11.42% CHEDDAR BARRELS 1.43% BUTTER 18.89% SMP 51.27% NEW ZEALAND SGX WMP 12.62% SMP 25.98% AMF 14.54% BUTTER 13.80% MILK '26 8.07% MILK '27 17.90% MILK '28 10.53% EU EEX SMP 29.95% BUTTER -4.47% WHEY 40.10% LIQ MILK -0.33%