EEX offsets generalized pressure across global dairy futures

Following the weakness observed in recent weeks, the past week was characterised by continued downward pressure, particularly in the US and New Zealand. The EU market performed slightly better.On the CME, prices generally moved lower. The exceptions were Whey C2–C4 and C6, which remained unchanged, Cheese C2–C6, which moved higher, and Liquid Milk Class III C2–C5, which also increased. Liquid Milk Class IV C1 remained unchanged. CONTRACT CME Commodity Month 13/Jul 17/Jul ∆ ∆ % SMP July $3.623 $3.621 ↓ -0,05% August $3.429 $3.345 ↓ -2,43% September $3.428 $3.325 ↓ -3,02% October $3.397 $3.307 ↓ -2,66% November $3.398 $3.313 ↓ -2,50% December $3.375 $3.307 ↓ -2,01% Average $3.442 $3.370 ↓ -2,09% Butter July $3.660 $3.616 ↓ -1,20% August $3.770 $3.682 ↓ -2,34% September $3.849 $3.781 ↓ -1,78% October $3.968 $3.858 ↓ -2,78% November $4.034 $3.919 ↓ -2,86% December $4.023 $3.946 ↓ -1,92% Average $3.884 $3.800 ↓ -2,16% Whey July $1.445 $1.444 ↓ -0,08% August $1.456 $1.488 ↑ 2,23% September $1.494 $1.515 ↑ 1,40% October $1.513 $1.532 ↑ 1,28% November $1.521 $1.538 ↑ 1,09% December $1.521 $1.521 ↔ 0,00% Average $1.492 $1.506 ↑ 0,99% Block Cheese July $3.388 $3.386 ↓ -0,07% August $3.662 $3.796 ↑ 3,67% September $3.717 $3.847 ↑ 3,50% October $3.752 $3.847 ↑ 2,53% November $3.814 $3.834 ↑ 0,52% December $3.801 $3.799 ↓ -0,06% Average $3.689 $3.751 ↑ 1,69% Milk Class III July $34,77 $34,70 ↓ -0,19% August $37,76 $39,29 ↑ 4,03% September $38,49 $39,93 ↑ 3,72% October $38,93 $39,99 ↑ 2,72% November $39,62 $39,88 ↑ 0,67% December $39,42 $39,18 ↓ -0,62% Average $38,17 $38,83 ↑ 1,73% Milk Class IV July $40,56 $40,56 ↔ 0,00% August $39,97 $38,73 ↓ -3,09% September $39,90 $38,58 ↓ -3,31% October $40,43 $39,04 ↓ -3,44% November $40,45 $39,24 ↓ -3,00% December $40,37 $39,35 ↓ -2,51% Average $40,28 $39,25 ↓ -2,55% In the CME spot market, all products increased except Butter, which declined. CME Spot market Commodity 13/Jul 17/Jul ∆ ∆ % Dry Whey $1.499 $1.532 ↑ 2,21% Cheese Blocks $3.527 $3.588 ↑ 1,72% Cheese Barrels $3.439 $3.555 ↑ 3,37% Butter $3.616 $3.505 ↓ -3,05% SMP $3.423 $3.505 ↑ 2,42% Following the more cautious tone seen in the SGX futures market last week and the losses recorded during the recent GDT events, SGX dairy futures continued to weaken over the past week, reflecting a more bearish market sentiment. Most contracts moved lower, except for WMP C1 and C2, which increased, SMP C3, which increased, and AMF, where C1–C4 remained unchanged while C5 and C6 increased. Butter contracts performed positively, with C1 and C4 unchanged and C2, C3, C5, and C6 moving higher. Milk contracts showed mixed results, with C1 unchanged, C2 higher, and C3 lower. SGX Commodity Month 13/Jul 17/Jul ∆ ∆ % WMP July $3.390 $3.400 ↑ 0,29% August $3.405 $3.410 ↑ 0,15% September $3.445 $3.430 ↓ -0,44% October $3.495 $3.490 ↓ -0,14% November $3.565 $3.545 ↓ -0,56% December $3.610 $3.595 ↓ -0,42% Average $3.485 $3.478 ↓ -0,19% SMP July $3.140 $3.135 ↓ -0,16% August $3.200 $3.170 ↓ -0,94% September $3.175 $3.180 ↑ 0,16% October $3.240 $3.220 ↓ -0,62% November $3.270 $3.240 ↓ -0,92% December $3.310 $3.275 ↓ -1,06% Average $3.223 $3.203 ↓ -0,59% AMF July $6.440 $6.440 ↔ 0,00% August $5.930 $5.930 ↔ 0,00% September $5.825 $5.825 ↔ 0,00% October $5.755 $5.760 ↔ 0,09% November $5.675 $5.765 ↑ 1,59% December $5.675 $5.730 ↑ 0,97% Average $5.883 $5.908 ↑ 0,42% Butter July $5.470 $5.470 ↔ 0,00% August $5.180 $5.200 ↑ 0,39% September $5.050 $5.140 ↑ 1,78% October $5.070 $5.070 ↔ 0,00% November $5.070 $5.085 ↑ 0,30% December $5.105 $5.140 ↑ 0,69% Average $5.158 $5.184 ↑ 0,52% Milk Sept '26 $9,79 $9,79 ↔ 0,00% Sept '27 $9,37 $9,40 ↑ 0,32% Sept '28 $9,58 $9,57 ↓ -0,10% On the EEX, most contracts moved higher. The exceptions were Butter C1, C4, and C5, which declined, Whey C1–C4, which remained unchanged, and Liquid Milk, where C1 and C2 were unchanged while C4 moved lower. EEX in EUR Commodity Month 13/Jul 17/Jul ∆ ∆ % SMP July €2.687 €2.750 ↑ 2,34% August €2.798 €2.815 ↑ 0,61% September €2.863 €2.888 ↑ 0,87% October €2.893 €2.938 ↑ 1,56% November €2.938 €2.950 ↑ 0,41% December €2.955 €2.963 ↑ 0,27% Average €2.856 €2.884 ↑ 0,99% Butter July €3.950 €3.935 ↓ -0,38% August €4.200 €4.225 ↑ 0,60% September €4.350 €4.375 ↑ 0,57% October €4.500 €4.450 ↓ -1,11% November €4.600 €4.550 ↓ -1,09% December €4.675 €4.675 ↑ 0,00% Average €4.379 €4.368 ↓ -0,25% Whey July €1.335 $1.335 ↔ 0,00% August €1.425 €1.425 ↔ 0,00% September €1.500 €1.500 ↔ 0,00% October €1.550 €1.550 ↔ 0,00% November €1.525 €1.613 ↑ 5,77% December €1.500 €1.550 ↑ 3,33% Average €1.473 €1.496 ↑ 1,56% Liq Milk July €38,81 €38,81 ↔ 0,00% August €38,95 €38,95 ↔ 0,00% September €39,12 €39,36 ↑ 0,61% October €39,69 €38,92 ↓ -1,94% November €40,59 €40,86 ↑ 0,67% December €41,27 €41,51 ↑ 0,58% Average €39,74 €39,74 ↓ -0,01% EEX in USD EEX in USD euro/Dollar 11382 11440 >> 0,51% Commodity Month 13/Jul 17/Jul ∆ ∆ % SMP July $3.058 $3.146 ↑ 2,87% August $3.185 $3.220 ↑ 1,12% September $3.259 $3.304 ↑ 1,39% October $3.293 $3.361 ↑ 2,07% November $3.344 $3.375 ↑ 0,92% December $3.363 $3.390 ↑ 0,78% Average $3.250 $3.299 ↑ 1,51% Butter July $4.496 $4.502 ↑ 0,13% August $4.780 $4.833 ↑ 1,11% September $4.951 $5.005 ↑ 1,09% October $5.122 $5.091 ↓ -0,61% November $5.236 $5.205 ↓ -0,58% December $5.321 $5.348 ↑ 0,51% Average $4.984 $4.997 ↑ 0,26% Whey July $1.519 $1.527 ↑ 0,51% August $1.622 $1.630 ↑ 0,51% September $1.707 $1.716 ↓ 0,51% October $1.764 $1.773 ↓ 0,51% November $1.736 $1.845 ↑ 6,31% December $1.707 $1.773 ↑ 3,86% Average $1.676 $1.711 ↑ 2,08% Liq Milk July $44,17 $44,40 ↑ 0,51% August $44,33 $44,56 ↑ 0,51% September $44,53 $45,03 ↓ 1,13% October $45,18 $44,52 ↓ -1,44% November $46,20 $46,74 ↑ 1,18% December $46,97 $47,49 ↑ 1,09% Average $45,23 $45,46 ↑ 0,50% Comparing current performance with the final trading session of 2025 highlights a strong regional divergence. Overall, most commodities have posted gains. The main exceptions are US whey on the CME spot market and EU Liquid Milk. Despite the recent weakness in some markets, all three trading blocs have delivered solid overall performance since the end of 2025. Region Product Change 17-7- '26 VS 26/12/'25 USA CME SMP 30,36% BUTTER 6,72% WHEY 1,37% CHEESE 10,08% MILK CLASS III 10,87% MILK CLASS IV 26,54% USA CME SPOT CALL MARKET WHEY -4,79% CHEDDAR BLOCKS 21,91% CHEDDAR BARRELS 15,18% BUTTER 13,37% SMP 34,75% NEW ZEALAND SGX WMP 10,42% SMP 25,33% AMF 9,41% BUTTER 6,49% MILK '26 8,18% MILK '27 16,05% MILK '28 11,93% EU EEX SMP 38,26% BUTTER 1,28% WHEY 41,49% LIQ MILK -0,04%