EU and US lead weekly recovery in future dairy markets

Following the weakness observed in previous weeks, the past week brought an improvement in dairy futures, particularly across the EU and the US. This suggests that domestic markets are currently performing better than export-oriented markets.On the CME, most contracts moved higher. The main exceptions were Butter C1, Whey C2 and C6, and Cheese C6, which all declined. CONTRACT CME Product Month 06/Jul 10/Jul ∆ ∆ % SMP July $3.514 $3.604 ↑ 2,56% August $3.406 $3.437 ↑ 0,91% September $3.406 $3.439 ↑ 0,99% October $3.410 $3.422 ↑ 0,36% November $3.400 $3.411 ↑ 0,32% December $3.373 $3.395 ↑ 0,65% Average $3.418 $3.451 ↑ 0,97% Butter July $3.662 $3.660 ↓ -0,06% August $3.785 $3.814 ↑ 0,76% September $3.854 $3.900 ↑ 1,19% October $3.965 $4.001 ↑ 0,92% November $3.990 $4.045 ↑ 1,38% December $4.001 $4.034 ↑ 0,83% Average $3.876 $3.909 ↑ 0,85% Whey July $1.444 $1.445 ↑ 0,08% August $1.450 $1.438 ↓ -0,76% September $1.444 $1.477 ↑ 2,29% October $1.488 $1.499 ↑ 0,74% November $1.499 $1.510 ↑ 0,77% December $1.521 $1.510 ↓ -0,72% Average $1.474 $1.480 ↑ 0,39% Block July $3.342 $3.369 ↑ 0,79% Cheese August $3.461 $3.580 ↑ 3,44% September $3.591 $3.660 ↑ 1,90% October $3.675 $3.713 ↑ 1,02% November $3.768 $3.781 ↑ 0,35% December $3.776 $3.770 ↓ -0,18% Average $3.602 $3.645 ↑ 1,19% Milk July $34,35 $34,55 ↑ 0,58% Class III August $35,49 $36,66 ↑ 3,29% September $36,99 $37,72 ↑ 1,97% October $38,01 $38,40 ↑ 1,04% November $38,82 $39,11 ↑ 0,74% December $38,69 $38,98 ↑ 0,74% Average $37,06 $37,57 ↑ 1,38% Milk July $39,68 $40,56 ↑ 2,22% Class IV August $39,46 $39,75 ↑ 0,73% September $39,68 $39,90 ↑ 0,56% October $39,90 $40,54 ↑ 1,60% November $39,90 $40,45 ↑ 1,38% December $39,77 $40,37 ↑ 1,50% Average $39,73 $40,26 ↑ 1,33% In the CME spot market, all products increased except butter, which remained unchanged. CME Spot market Product 06/Jul 10/Jul ∆ ∆ % Dry Whey $1.488 $1.521 ↑ 2,22% Cheese Blocks $3.191 $3.412 ↑ 6,91% Cheese Barrels $3.274 $3.408 ↑ 4,11% Butter $3.638 $3.638 ↔ 0,00% SMP $3.307 $3.428 ↑ 3,67% On the SGX, most contracts moved lower. Exceptions included WMP C5 and C6, SMP C4 through C6, AMF C1 and C2, while AMF C3 through C6 remained unchanged. Butter C4 and C5 also moved higher, whereas all milk contracts declined. The overall tone remained bearish, continuing the more hesitant sentiment seen in recent weeks and following the losses recorded in the latest GDT events. SGX Product Month 06/Jul 10/Jul ∆ ∆ % WMP July $3.475 $3.390 ↓ -2,45% August $3.450 $3.395 ↓ -1,59% September $3.465 $3.420 ↓ -1,30% October $3.500 $3.485 ↓ -0,43% November $3.530 $3.550 ↑ 0,57% December $3.565 $3.600 ↑ 0,98% Average $3.498 $3.473 ↓ -0,69% SMP July $3.255 $3.135 ↓ -3,69% August $3.160 $3.150 ↓ -0,32% September $3.175 $3.150 ↓ -0,79% October $3.200 $3.215 ↑ 0,47% November $3.215 $3.240 ↑ 0,78% December $3.240 $3.280 ↑ 1,23% Average $3.208 $3.195 ↓ -0,39% AMF July $6.095 $6.440 ↑ 5,66% August $5.900 $5.930 ↑ 0,51% September $5.825 $5.825 ↔ 0,00% October $5.755 $5.755 ↔ 0,00% November $5.675 $5.675 ↔ 0,00% December $5.675 $5.675 ↔ 0,00% Average $5.821 $5.883 ↑ 1,07% Butter July $5.500 $5.470 ↓ -0,55% August $5.215 $5.180 ↓ -0,67% September $5.095 $5.050 ↓ -0,88% October $5.060 $5.070 ↑ 0,20% November $5.010 $5.070 ↑ 1,20% December $5.055 $5.105 ↑ 0,99% Average $5.156 $5.158 ↑ 0,03% Milk Sept '26 $9,80 $9,79 ↓ -0,10% Sept '27 $9,51 $9,42 ↓ -0,95% Sept '28 $9,65 $9,60 ↓ -0,52% European dairy markets performed more positively, with most EEX contracts posting gains over the week. The main exceptions were whey contracts, where C3 and C4 remained unchanged while the remaining contracts increased, and liquid milk, where C1 was unchanged and C3 through C6 declined. EEX in EUR Product Month 06/Jul 10/Jul ∆ ∆ % SMP July €2.700 €2.738 ↑ 1,41% August €2.779 €2.813 ↑ 1,22% September €2.745 €2.848 ↑ 3,75% October €2.750 €2.906 ↑ 5,67% November €2.800 €2.963 ↑ 5,82% December €2.805 €2.988 ↑ 6,52% Average €2.763 €2.876 ↑ 4,08% Butter July €3.915 €3.953 ↑ 0,97% August €4.035 €4.143 ↑ 2,68% September €4.165 €4.288 ↑ 2,95% October €4.295 €4.398 ↑ 2,40% November €4.400 €4.513 ↑ 2,57% December €4.470 €4.593 ↑ 2,75% Average €4.213 €4.315 ↑ 2,41% Whey July €1.338 $1.343 ↑ 0,37% August €1.374 €1.445 ↑ 5,17% September €1.394 €1.394 ↔ 0,00% October €1.401 €1.401 ↔ 0,00% November €1.550 €1.613 ↑ 4,06% December €1.550 €1.635 ↑ 5,48% Average €1.435 €1.472 ↑ 2,60% Liq Milk July €38,81 €38,81 ↔ 0,00% August €38,75 €38,95 ↑ 0,52% September €39,20 €39,12 ↓ -0,20% October €39,81 €39,69 ↓ -0,30% November €40,80 €40,59 ↓ -0,51% December €41,43 €41,27 ↓ -0,39% Average €39,80 €39,74 ↓ -0,15% EEX in USD EEX in USD euro/Dollar 11442 11417 >> -0,22% Product Month 06/Jul 10/Jul ∆ ∆ % SMP July $3.089 $3.126 ↑ 1,19% August $3.180 $3.212 ↑ 1,00% September $3.141 $3.252 ↑ 3,53% October $3.147 $3.318 ↑ 5,44% November $3.204 $3.383 ↑ 5,59% December $3.209 $3.411 ↑ 6,29% Average $3.162 $3.284 ↑ 3,86% Butter July $4.480 $4.513 ↑ 0,75% August $4.617 $4.730 ↑ 2,45% September $4.766 $4.896 ↑ 2,73% October $4.914 $5.021 ↑ 2,17% November $5.034 $5.152 ↑ 2,34% December $5.115 $5.244 ↑ 2,53% Average $4.821 $4.926 ↑ 2,18% Whey July $1.531 $1.533 ↑ 0,15% August $1.572 $1.650 ↑ 4,94% September $1.595 $1.592 ↓ -0,22% October $1.603 $1.600 ↓ -0,22% November $1.774 $1.842 ↑ 3,84% December $1.774 $1.867 ↑ 5,25% Average $1.641 $1.680 ↑ 2,38% Liq Milk July $44,41 $44,31 ↓ -0,22% August $44,34 $44,47 ↑ 0,30% September $44,85 $44,66 ↓ -0,42% October $45,55 $45,31 ↓ -0,52% November $46,68 $46,34 ↓ -0,73% December $47,40 $47,12 ↓ -0,60% Average $45,54 $45,37 ↓ -0,37% Comparing current market levels with the final trading session of 2025 highlights a notable regional divergence. In general, most commodities have moved higher since the start of the year. The principal exceptions are US whey contracts on the CME and EU liquid milk contracts on the EEX. Despite these differences, all three major trading blocs have delivered a strong overall performance. Region Product Change 10-7- '26 VS 26/12/'25 USA CME SMP 33,52% BUTTER 9,78% WHEY -0,40% CHEESE 6,96% MILK CLASS III 7,28% MILK CLASS IV 29,80% USA CME SPOT CALL MARKET WHEY -5,48% CHEDDAR BLOCKS 15,92% CHEDDAR BARRELS 10,43% BUTTER 17,65% SMP 31,78% NEW ZEALAND SGX WMP 10,26% SMP 25,00% AMF 8,95% BUTTER 5,95% MILK '26 8,18% MILK '27 16,30% MILK '28 12,28% EU EEX SMP 37,87% BUTTER 0,04% WHEY 39,25% LIQ MILK -0,03%