CME and SGX dairy futures increase amid EEX decline

Following the weakness seen in previous weeks, the past week brought mostly positive price movements in New Zealand and the US, while the EU delivered more mixed results. Across all three trading blocs, Skim Milk Powder (SMP) received support.Overall, the CME futures market posted broadly positive results, with most contracts moving higher, except for Whey C1 and C2, which declined. CONTRACT CME Commodity Contract 27/Jul 31/Jul ∆ ∆ % SMP August $3,244 $3,440 ↑ 6.07% September $3,199 $3,505 ↑ 9.56% October $3,215 $3,495 ↑ 8.73% November $3,209 $3,478 ↑ 8.38% December $3,201 $3,461 ↑ 8.15% January $3,205 $3,425 ↑ 6.86% Average $3,212 $3,468 ↑ 7.95% Butter August $3,351 $3,450 ↑ 2.96% September $3,417 $3,544 ↑ 3.71% October $3,471 $3,570 ↑ 2.86% November $3,574 $3,629 ↑ 1.54% December $3,616 $3,693 ↑ 2.13% January $3,635 $3,679 ↑ 1.21% Average $3,511 $3,594 ↑ 2.38% Whey August $1,488 $1,481 ↓ -0.44% September $1,537 $1,527 ↓ -0.68% October $1,554 $1,554 ↑ 0.00% November $1,549 $1,560 ↑ 0.68% December $1,552 $1,560 ↑ 0.50% January $1,499 $1,510 ↑ 0.74% Average $1,530 $1,532 ↑ 0.13% Block Cheese August $3,589 $3,642 ↑ 1.47% September $3,640 $3,717 ↑ 2.12% October $3,684 $3,724 ↑ 1.08% November $3,704 $3,732 ↑ 0.77% December $3,704 $3,730 ↑ 0.71% January $3,704 $3,713 ↑ 0.24% Average $3,671 $3,710 ↑ 1.06% Milk Class III August $37.04 $37.68 ↑ 1.73% September $37.81 $38.65 ↑ 2.22% October $38.32 $38.96 ↑ 1.67% November $38.65 $39.02 ↑ 0.97% December $38.65 $39.09 ↑ 1.14% January $38.43 $38.58 ↑ 0.40% Average $38.15 $38.66 ↑ 1.35% Milk Class IV August $36.38 $38.23 ↑ 5.09% September $36.27 $39.24 ↑ 8.21% October $36.55 $39.24 ↑ 7.36% November $36.77 $39.24 ↑ 6.71% December $36.97 $39.26 ↑ 6.20% January $36.93 $39.29 ↑ 6.39% Average $36.64 $39.08 ↑ 6.66% In the CME spot market, prices also moved higher overall, except for Cheese Blocks and Barrels, which declined. CME Spot market Commodity 27/Jul 31/Jul ∆ ∆ % Dry Whey $1,499 $1,527 ↑ 1.84% Cheese Blocks $3,516 $3,467 ↓ -1.41% Cheese Barrels $3,593 $3,412 ↓ -5.06% Butter $3,241 $3,340 ↑ 3.06% SMP $3,086 $3,439 ↑ 11.43% Following the more cautious tone in the SGX dairy futures market last week and the gains recorded at the latest Global Dairy Trade (GDT) event, SGX dairy futures continued their bullish momentum over the past week. Exceptions included AMF C5, which was unchanged, Butter C1 and C6, which were also unchanged, and Butter C3, which declined. Milk contracts were unchanged for C1, while C2 and C3 moved higher. SGX Commodity Contract 27/Jul 31/Jul ∆ ∆ % WMP August $3,460 $3,505 ↑ 1.30% September $3,500 $3,535 ↑ 1.00% October $3,540 $3,590 ↑ 1.41% November $3,595 $3,640 ↑ 1.25% December $3,625 $3,670 ↑ 1.24% January $3,685 $3,725 ↑ 1.09% Average $3,568 $3,611 ↑ 1.21% SMP August $3,185 $3,275 ↑ 2.83% September $3,205 $3,300 ↑ 2.96% October $3,245 $3,350 ↑ 3.24% November $3,260 $3,360 ↑ 3.07% December $3,260 $3,395 ↑ 4.14% January $3,290 $3,445 ↑ 4.71% Average $3,241 $3,354 ↑ 3.50% AMF August $6,350 $6,385 ↑ 0.55% September $6,065 $6,200 ↑ 2.23% October $6,000 $6,125 ↑ 2.08% November $6,000 $6,060 ↑ 1.00% December $6,000 $6,000 ↔ 0.00% January $5,865 $6,030 ↑ 2.81% Average $6,047 $6,133 ↑ 1.43% Butter August $5,140 $5,140 ↔ 0.00% September $5,080 $5,115 ↑ 0.69% October $5,100 $5,080 ↓ -0.39% November $5,075 $5,085 ↑ 0.20% December $5,095 $5,100 ↑ 0.10% January $5,195 $5,195 ↔ 0.00% Average $5,114 $5,119 ↑ 0.10% Milk Sept '26 $9.79 $9.79 ↔ 0.00% Sept '27 $9.50 $9.53 ↑ 0.32% Sept '28 $9.54 $9.60 ↑ 0.63% On the EEX, most contracts declined. Exceptions were Butter C3 and C4, which increased, Whey C1 through C6, which remained unchanged, and Liquid Milk C4 through C6, which declined. EEX in EUR Commodity Contract 27/Jul 31/Jul ∆ ∆ % SMP August €2,813 €2,875 ↑ 2.20% September €2,831 €2,833 ↑ 0.07% October €2,856 €2,997 ↑ 4.94% November €2,875 €3,013 ↑ 4.80% December €2,888 €3,025 ↑ 4.74% January €2,925 €3,044 ↑ 4.07% Average €2,865 €2,965 ↑ 3.48% Butter August €4,054 €4,044 ↓ -0.25% September €4,213 €4,150 ↓ -1.50% October €4,354 €4,375 ↑ 0.48% November €4,421 €4,425 ↑ 0.09% December €4,500 €4,475 ↓ -0.56% January €4,615 €4,480 ↓ -2.93% Average €4,360 €4,325 ↓ -0.80% Whey August €1,400 $1,400 ↔ 0.00% September €1,455 €1,455 ↔ 0.00% October €1,465 €1,465 ↔ 0.00% November €1,475 €1,475 ↔ 0.00% December €1,500 €1,500 ↔ 0.00% January €1,500 €1,500 ↔ 0.00% Average €1,466 €1,466 ↔ 0.00% Liq Milk August €39.31 €39.41 ↑ 0.25% September €39.99 €40.09 ↑ 0.25% October €40.62 €40.77 ↑ 0.37% November €41.54 €41.39 ↓ -0.36% December €42.14 €41.88 ↓ -0.62% January €42.82 €42.51 ↓ -0.72% Average €41.07 €41.01 ↓ -0.15% EEX in USD EEX in USD euro/Dollar 11367 11528 >> 1.42% Commodity Contract 27/Jul 31/Jul ∆ ∆ % SMP August $3,198 $3,314 ↑ 3.65% September $3,218 $3,266 ↑ 1.49% October $3,246 $3,455 ↑ 6.42% November $3,268 $3,473 ↑ 6.28% December $3,283 $3,487 ↑ 6.23% January $3,325 $3,509 ↑ 5.54% Average $3,256 $3,417 ↑ 4.95% Butter August $4,608 $4,662 ↑ 1.17% September $4,789 $4,784 ↓ -0.10% October $4,949 $5,044 ↑ 1.91% November $5,025 $5,101 ↑ 1.51% December $5,115 $5,159 ↑ 0.85% January $5,246 $5,165 ↓ -1.55% Average $4,955 $4,986 ↑ 0.61% Whey August $1,591 $1,614 ↑ 1.42% September $1,654 $1,677 ↑ 1.42% October $1,665 $1,689 ↑ 1.42% November $1,677 $1,700 ↑ 1.42% December $1,705 $1,729 ↑ 1.42% January $1,705 $1,729 ↑ 1.42% Average $1,666 $1,690 ↑ 1.42% Liq Milk August $44.68 $45.43 ↑ 1.67% September $45.46 $46.22 ↑ 1.67% October $46.17 $47.00 ↑ 1.79% November $47.22 $47.71 ↑ 1.05% December $47.90 $48.28 ↑ 0.79% January $48.67 $49.01 ↑ 0.68% Average $46.68 $47.27 ↑ 1.26% When comparing current market performance with the final trading session of 2025, a clear regional divergence emerges. Most commodities have moved higher, apart from US whey on the CME spot market. Overall, however, all three trading blocs have delivered strong performance. Region Product Change 31-7- '26 VS 26/12/'25 USA CME SMP 34.14% BUTTER 0.93% WHEY 3.10% CHEESE 8.85% MILK CLASS III 10.40% MILK CLASS IV 26.00% USA CME SPOT CALL MARKET WHEY -5.14% CHEDDAR BLOCKS 17.79% CHEDDAR BARRELS 10.54% BUTTER 8.02% SMP 32.20% NEW ZEALAND SGX WMP 14.63% SMP 31.23% AMF 13.58% BUTTER 5.16% MILK '26 8.18% MILK '27 17.65% MILK '28 12.28% EU EEX SMP 42.11% BUTTER 0.27% WHEY 38.68% LIQ MILK 3.17%