Global dairy futures observe mixed results

Following several weeks of weakness, the past week delivered a mixed outcome across the global dairy futures markets.On the CME, the futures market continued to show a weaker tone despite the strength observed in the spot market. Exceptions included SMP, Butter (with contracts C2 to C6 moving up), Whey C1 (up), C3 (unchanged), and C4 (up), Cheese C3 and C4 (both up), Milk Class III C1, C3, and C4 (up), and Milk Class IV, where all contracts except C2 to C6 moved higher. CONTRACT CME Product Contract 22/Jun 26/Jun ∆ ∆ % SMP June $4,216 $4,239 ↑ 0.54% July $3,463 $3,638 ↑ 5.06% August $3,286 $3,468 ↑ 5.53% September $3,285 $3,449 ↑ 4.98% October $3,280 $3,458 ↑ 5.41% November $3,271 $3,442 ↑ 5.22% Average $3,467 $3,616 ↑ 4.29% Butter June $3,649 $3,620 ↓ -0.79% July $3,576 $3,704 ↑ 3.56% August $3,638 $3,781 ↑ 3.94% September $3,717 $3,852 ↑ 3.63% October $3,803 $3,957 ↑ 4.06% November $3,857 $4,034 ↑ 4.59% Average $3,707 $3,825 ↑ 3.18% Whey June $1,416 $1,417 ↑ 0.04% July $1,423 $1,423 ↓ -0.04% August $1,477 $1,477 ↔ 0.00% September $1,488 $1,510 ↑ 1.48% October $1,511 $1,507 ↓ -0.22% November $1,521 $1,521 ↓ -0.04% Average $1,473 $1,476 ↑ 0.21% Block June $3,457 $3,450 ↓ -0.19% Cheese July $3,452 $3,395 ↓ -1.66% August $3,514 $3,523 ↑ 0.25% September $3,618 $3,631 ↑ 0.37% October $3,704 $3,693 ↓ -0.30% November $3,776 $3,765 ↓ -0.29% Average $3,587 $3,576 ↓ -0.30% Milk June $35.27 $35.30 ↑ 0.06% Class III July $35.21 $34.66 ↓ -1.57% August $36.16 $36.31 ↑ 0.43% September $37.35 $37.59 ↑ 0.65% October $38.34 $38.27 ↓ -0.17% November $39.18 $39.09 ↓ -0.23% Average $36.92 $36.87 ↓ -0.13% Milk June $46.16 $46.03 ↓ -0.29% Class IV July $39.13 $41.23 ↑ 5.35% August $37.74 $40.12 ↑ 6.31% September $38.29 $40.28 ↑ 5.19% October $38.47 $40.56 ↑ 5.44% November $38.65 $40.63 ↑ 5.13% Average $39.74 $41.48 ↑ 4.37% The CME spot market recorded gains across nearly all products, with SMP being the only commodity to decline. CME Spot market Product 22/Jun 26/Jun ∆ ∆ % Dry Whey $1,499 $1,510 ↑ 0.74% Cheese Blocks $3,064 $3,131 ↑ 2.16% Cheese Barrels $3,219 $3,263 ↑ 1.37% Butter $3,373 $3,638 ↑ 7.84% SMP $3,560 $3,522 ↓ -1.08% The SGX dairy futures market showed a generally positive performance. Most contracts moved higher, with the main exceptions being AMF, which declined across all contracts except C3 and C4, which remained unchanged, and Butter, which declined across all contracts except C1, which remained unchanged. Milk contracts also moved higher, while Milk '26 remained unchanged. SGX Product Contract 22/Jun 26/Jun ∆ ∆ % WMP July $3,500 $3,510 ↑ 0.29% August $3,475 $3,505 ↑ 0.86% September $3,475 $3,485 ↑ 0.29% October $3,485 $3,485 ↑ 0.00% November $3,480 $3,515 ↑ 1.01% December $3,490 $3,525 ↑ 1.00% Average $3,484 $3,504 ↑ 0.57% SMP July $3,220 $3,290 ↑ 2.17% August $3,100 $3,180 ↑ 2.58% September $3,075 $3,175 ↑ 3.25% October $3,085 $3,180 ↑ 3.08% November $3,110 $3,205 ↑ 3.05% December $3,125 $3,210 ↑ 2.72% Average $3,119 $3,207 ↑ 2.81% AMF July $6,200 $6,100 ↓ -1.61% August $6,000 $5,900 ↓ -1.67% September $5,825 $5,825 ↔ 0.00% October $5,700 $5,700 ↔ 0.00% November $5,650 $5,600 ↓ -0.88% December $5,650 $5,585 ↓ -1.15% Average $5,838 $5,785 ↓ -0.90% Butter July $5,585 $5,585 ↔ 0.00% August $5,255 $5,250 ↓ -0.10% September $5,150 $5,145 ↓ -0.10% October $5,150 $5,050 ↓ -1.94% November $5,125 $5,005 ↓ -2.34% December $5,125 $5,005 ↓ -2.34% Average $5,232 $5,173 ↓ -1.12% Milk Sept '26 $9.78 $9.78 ↔ 0.00% Sept '27 $9.46 $9.50 ↑ 0.42% Sept '28 $9.46 $9.50 ↑ 0.42% European dairy futures on the EEX also posted a predominantly positive week. The main exceptions were Butter C1 and C2, which both declined, and Whey, where contracts C1 through C6 all moved lower. Liquid milk remained unchanged across most contracts, with only C2 posting a modest increase. EEX in EUR Product Contract 22/Jun 26/Jun ∆ ∆ % SMP July €2,555 €2,766 ↑ 8.26% August €2,565 €2,775 ↑ 8.19% September €2,575 €2,820 ↑ 9.51% October €2,610 €2,822 ↑ 8.12% November €2,610 €2,830 ↑ 8.43% December €2,625 €2,828 ↑ 7.73% Average €2,590 €2,807 ↑ 8.37% Butter July €3,905 €3,863 ↓ -1.08% August €3,950 €3,900 ↓ -1.27% September €3,995 €4,035 ↑ 1.00% October €4,175 €4,245 ↑ 1.68% November €4,215 €4,275 ↑ 1.42% December €4,250 €4,305 ↑ 1.29% Average €4,082 €4,104 ↑ 0.54% August €1,440 €1,363 ↓ -5.35% September €1,430 €1,375 ↓ -3.85% October €1,425 €1,385 ↓ -2.81% November €1,415 €1,395 ↓ -1.41% December €1,405 €1,400 ↓ -0.36% Average €1,428 €1,378 ↓ -3.47% Liq Milk July €38.90 €38.90 ↔ 0.00% August €38.75 €38.76 ↑ 0.03% September €39.37 €39.37 ↔ 0.00% October €39.98 €39.98 ↔ 0.00% November €40.99 €40.99 ↔ 0.00% December €41.65 €41.65 ↔ 0.00% Average €39.94 €39.94 ↔ 0.00% EEX in USD EEX in USD euro/Dollar 11428 11383 >> -0.39% Product Contract 22/Jun 26/Jun ∆ ∆ % SMP June $2,920 $3,149 ↑ 7.83% July $2,931 $3,159 ↑ 7.76% August $2,943 $3,210 ↑ 9.08% September $2,983 $3,212 ↑ 7.70% October $2,983 $3,221 ↑ 8.00% November $3,000 $3,219 ↑ 7.31% Average $2,960 $3,195 ↑ 7.95% Butter June $4,463 $4,397 ↓ -1.47% July $4,514 $4,439 ↓ -1.65% August $4,565 $4,593 ↑ 0.60% September $4,771 $4,832 ↑ 1.28% October $4,817 $4,866 ↑ 1.02% November $4,857 $4,900 ↑ 0.90% Average $4,665 $4,671 ↑ 0.15% Whey June $1,657 $1,537 ↓ -7.26% July $1,646 $1,552 ↓ -5.72% August $1,634 $1,565 ↓ -4.22% September $1,628 $1,577 ↓ -3.19% October $1,617 $1,588 ↓ -1.80% November $1,606 $1,594 ↓ -0.75% Average $1,631 $1,569 ↓ -3.85% Liq Milk June $44.45 $44.28 ↓ -0.39% July $44.28 $44.12 ↓ -0.37% August $44.99 $44.81 ↓ -0.39% September $45.69 $45.51 ↓ -0.39% October $46.84 $46.66 ↓ -0.39% November $47.60 $47.41 ↓ -0.39% Average $45.64 $45.47 ↓ -0.39% When comparing current prices with the final trading session of 2025, a clear regional divergence remains visible. Most commodities have moved higher since the beginning of the year. The main exceptions are US Whey across both the CME futures and spot markets, together with EU Butter. Overall, New Zealand and the US continue to stand out as the strongest-performing dairy regions among the three major trading blocs. Region Product Change 26-6- '26 VS 26/12/'25 USA CME SMP 39.87% BUTTER 7.40% WHEY -0.69% CHEESE 4.94% MILK CLASS III 5.28% MILK CLASS IV 33.71% USA CME SPOT CALL MARKET WHEY -6.16% CHEDDAR BLOCKS 6.37% CHEDDAR BARRELS 5.71% BUTTER 17.65% SMP 35.38% NEW ZEALAND SGX WMP 11.24% SMP 25.46% AMF 7.13% BUTTER 6.27% MILK '26 8.07% MILK '27 17.28% MILK '28 11.11% EU EEX SMP 34.56% BUTTER -4.85% WHEY 30.37% LIQ MILK 0.48%