CME and SGX futures show gains as EEX weakens

Following the weakness observed in previous weeks, the past week saw mostly positive movements in New Zealand and the US, while European markets recorded more negative results.Prices moved mostly higher at the CME, with the exceptions of Whey C1 and C2, which declined, while C3 remained unchanged. Milk Class III C1–C5 moved lower, while C6 remained unchanged. CONTRACT CME Commodity Contract 03/Aug 07/Aug ∆ ∆ % 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 August $3,589 $3,642 ↑ 1.47% Cheese 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 August $37.63 $36.99 ↓ -1.70% Class III September $38.51 $38.03 ↓ -1.26% October $39.00 $38.58 ↓ -1.07% November $39.02 $38.76 ↓ -0.68% December $38.84 $38.73 ↓ -0.28% January $38.58 $38.58 ↔ 0.00% Average $38.60 $38.28 ↓ -0.83% Milk August $37.94 $38.03 ↑ 0.23% Class IV September $38.93 $39.35 ↑ 1.08% October $38.91 $39.57 ↑ 1.70% November $38.87 $39.46 ↑ 1.53% December $38.91 $39.35 ↑ 1.13% January $38.91 $39.29 ↑ 0.96% Average $38.75 $39.18 ↑ 1.11% On the CME spot market, Cheese Blocks declined, while Cheese Barrels remained unchanged. CME Spot market Commodity 03/Aug 07/Aug ∆ ∆ % Dry Whey $1,527 $1,532 ↑ 0.36% Cheese Blocks $3,439 $3,428 ↓ -0.32% Cheese Barrels $3,412 $3,412 ↔ 0.00% Butter $3,274 $3,334 ↑ 1.85% SMP $3,362 $3,478 ↑ 3.44% Following the more hesitant tone in SGX futures markets last week and the gains recorded at the most recent GDT event, the SGX dairy futures market continued to show a more positive trend over the past week. Most contracts moved higher. The exceptions were WMP C1 and SMP C1, which declined. AMF C3–C6 and Butter C2–C6 also moved lower. Milk contracts were mixed, with C1 unchanged and C2 and C3 moving higher. SGX Commodity Contract 03/Aug 07/Aug ∆ ∆ % WMP August $3,500 $3,485 ↓ -0.43% September $3,535 $3,570 ↑ 0.99% October $3,585 $3,635 ↑ 1.39% November $3,635 $3,685 ↑ 1.38% December $3,670 $3,735 ↑ 1.77% January $3,725 $3,800 ↑ 2.01% Average $3,608 $3,652 ↑ 1.20% SMP August $3,260 $3,240 ↓ -0.61% September $3,295 $3,330 ↑ 1.06% October $3,340 $3,380 ↑ 1.20% November $3,345 $3,390 ↑ 1.35% December $3,380 $3,445 ↑ 1.92% January $3,425 $3,480 ↑ 1.61% Average $3,341 $3,378 ↑ 1.10% AMF August $6,385 $6,515 ↑ 2.04% September $6,205 $6,225 ↑ 0.32% October $6,125 $5,980 ↓ -2.37% November $6,060 $6,005 ↓ -0.91% December $6,000 $5,925 ↓ -1.25% January $6,030 $6,000 ↓ -0.50% Average $6,134 $6,108 ↓ -0.42% Butter August $5,150 $5,195 ↑ 0.87% September $5,050 $5,000 ↓ -0.99% October $5,000 $4,885 ↓ -2.30% November $5,000 $4,900 ↓ -2.00% December $5,000 $4,900 ↓ -2.00% January $5,100 $4,970 ↓ -2.55% Average $5,050 $4,975 ↓ -1.49% Milk Sept '26 $9.76 $9.76 ↔ 0.00% Sept '27 $9.53 $9.60 ↑ 0.73% Sept '28 $9.60 $9.63 ↑ 0.31% European dairy markets deteriorated further this week, with most EEX contracts moving lower. SMP C2, C3, C4 and C6 declined. Whey C1–C3 declined, C5 remained unchanged, and C4 and C6 moved higher. Liquid Milk C1 remained unchanged. EEX in EUR Commodity Contract 03/Aug 07/Aug ∆ ∆ % SMP August €2,885 €2,894 ↑ 0.31% September €2,939 €2,938 ↓ -0.03% October €2,999 €2,989 ↓ -0.33% November €3,014 €3,013 ↓ -0.03% December €3,002 €3,025 ↑ 0.77% January €3,056 €3,038 ↓ -0.59% Average €2,983 €2,983 ↑ 0.01% Butter August €4,039 €4,000 ↓ -0.97% September €4,103 €4,025 ↓ -1.90% October €4,375 €4,165 ↓ -4.80% November €4,425 €4,235 ↓ -4.29% December €4,475 €4,288 ↓ -4.18% January €4,480 €4,333 ↓ -3.28% Average €4,316 €4,174 ↓ -3.29% 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 €1,523 ↑ 3.25% December €1,500 €1,500 ↔ 0.00% January €1,500 €1,515 ↑ 1.00% Average €1,466 €1,476 ↑ 0.72% Liq Milk August €39.41 €39.41 ↔ 0.00% September €41.09 €39.90 ↓ -2.90% October €40.77 €40.53 ↓ -0.59% November €41.39 €41.21 ↓ -0.43% December €41.88 €41.70 ↓ -0.43% January €42.51 €42.33 ↓ -0.42% Average €41.18 €40.85 ↓ -0.80% EEX in US dollars EEX in USD euro/Dollar 11509 11560 >> 0.44% Commodity Contract 03/Aug 07/Aug ∆ ∆ % SMP August $3,320 $3,345 ↑ 0.76% September $3,382 $3,396 ↑ 0.41% October $3,452 $3,455 ↑ 0.11% November $3,469 $3,483 ↑ 0.41% December $3,455 $3,497 ↑ 1.21% January $3,517 $3,512 ↓ -0.15% Average $3,433 $3,448 ↑ 0.45% Butter August $4,648 $4,624 ↓ -0.53% September $4,722 $4,653 ↓ -1.47% October $5,035 $4,815 ↓ -4.38% November $5,093 $4,896 ↓ -3.87% December $5,150 $4,957 ↓ -3.75% January $5,156 $5,009 ↓ -2.85% Average $4,967 $4,826 ↓ -2.86% Whey August $1,611 $1,618 ↑ 0.44% September $1,675 $1,682 ↑ 0.44% October $1,686 $1,694 ↑ 0.44% November $1,698 $1,761 ↑ 3.71% December $1,726 $1,734 ↑ 0.44% January $1,726 $1,751 ↑ 1.45% Average $1,687 $1,707 ↑ 1.16% Liq Milk August $45.36 $45.56 ↑ 0.44% September $47.29 $46.12 ↓ -2.47% October $46.92 $46.85 ↓ -0.15% November $47.64 $47.64 ↑ 0.01% December $48.20 $48.21 ↑ 0.01% January $48.92 $48.93 ↑ 0.02% Average $47.39 $47.22 ↓ -0.36% Comparing current performance with the final trading session of 2025 reveals a clear regional divergence. Despite some recent weakness, most commodities remain higher overall. The main exceptions are US Whey on the CME spot market and EU Butter. Overall, despite the recent divergence in performance, all three trading blocs have performed remarkably well compared with the end of 2025. Region Product Change 07-08-'26 VS 26/12/'25 USA CME SMP 34.14% BUTTER 0.93% WHEY 3.10% CHEESE 8.85% MILK CLASS III 9.31% MILK CLASS IV 26.29% USA CME SPOT CALL MARKET WHEY -4.79% CHEDDAR BLOCKS 16.48% CHEDDAR BARRELS 10.54% BUTTER 7.84% SMP 33.69% NEW ZEALAND SGX WMP 15.93% SMP 32.14% AMF 13.12% BUTTER 2.20% MILK '26 7.85% MILK '27 18.52% MILK '28 12.63% EU EEX SMP 42.99% BUTTER -3.22% WHEY 39.67% LIQ MILK 2.76%