Dairy futures mixed as SMP strengthens

Following the weakness observed in previous weeks, the past week produced mixed results across the EU, New Zealand and the US. SMP was a notable exception, performing particularly strongly across all three trading blocs.Prices generally moved lower at the CME, albeit with several exceptions. SMP C1-C6 moved up, while Whey C4 remained unchanged and C5-C6 moved higher. Cheese C2 also increased, as did Milk Class IV C1-C6. CONTRACT CME Commodity Contract 10/Aug 14/Aug ∆ ∆ % SMP August $3,395 $3,472 ↑ 2.27% September $3,483 $3,758 ↑ 7.91% October $3,465 $3,748 ↑ 8.16% November $3,421 $3,693 ↑ 7.94% December $3,392 $3,648 ↑ 7.54% January $3,365 $3,588 ↑ 6.63% Average $3,420 $3,651 ↑ 6.75% Butter August $3,417 $3,313 ↓ -3.05% September $3,544 $3,506 ↓ -1.07% October $3,590 $3,544 ↓ -1.27% November $3,699 $3,616 ↓ -2.26% December $3,682 $3,638 ↓ -1.20% January $3,704 $3,682 ↓ -0.60% Average $3,606 $3,550 ↓ -1.56% Whey August $1,480 $1,466 ↓ -0.93% September $1,516 $1,506 ↓ -0.65% October $1,543 $1,532 ↓ -0.71% November $1,543 $1,543 ↔ 0.00% December $1,565 $1,571 ↑ 0.35% January $1,512 $1,533 ↑ 1.35% Average $1,527 $1,525 ↓ -0.10% Block Cheese August $3,576 $3,554 ↓ -0.62% September $3,710 $3,715 ↑ 0.12% October $3,746 $3,706 ↓ -1.06% November $3,717 $3,684 ↓ -0.89% December $3,715 $3,684 ↓ -0.83% January $3,704 $3,682 ↓ -0.60% Average $3,695 $3,671 ↓ -0.65% Milk Class III August $36.86 $36.46 ↓ -1.08% September $38.54 $38.43 ↓ -0.29% October $41.27 $38.47 ↓ -6.78% November $38.98 $38.45 ↓ -1.36% December $38.93 $38.51 ↓ -1.08% January $38.65 $38.36 ↓ -0.74% Average $38.87 $38.11 ↓ -1.95% Milk Class IV August $37.87 $38.03 ↑ 0.41% September $39.35 $41.67 ↑ 5.88% October $39.24 $41.67 ↑ 6.18% November $39.35 $41.56 ↑ 5.60% December $39.22 $41.12 ↑ 4.83% January $39.04 $40.76 ↑ 4.40% Average $39.01 $40.80 ↑ 4.58% On the CME spot market, Dry Whey, Cheese Blocks and Butter moved lower, while SMP and Cheese Barrels moved higher. CME Spot market Commodity 10/Aug 14/Aug ∆ ∆ % Dry Whey $1,527 $1,521 ↓ -0.36% Cheese Blocks $3,538 $3,527 ↓ -0.31% Cheese Barrels $3,412 $3,445 ↑ 0.97% Butter $3,301 $3,219 ↓ -2.50% SMP $3,483 $3,847 ↑ 10.44% Following the more hesitant tone in SGX dairy futures last week and the modest gain at the most recent GDT event, the SGX dairy futures market continued to show some hesitation over the past week. SGX futures were evenly divided between contracts moving higher and lower. WMP C2 declined, while AMF C2-C6 and Butter C2-C6 also moved lower. Butter C1 remained unchanged. All other contracts moved higher. Milk contracts showed mixed results, with C1 moving lower and C2-C3 moving higher. SGX Commodity Contract 10/Aug 14/Aug ∆ ∆ % WMP August $3,470 $3,505 ↑ 1.01% September $3,550 $3,525 ↓ -0.70% October $3,625 $3,705 ↑ 2.21% November $3,675 $3,775 ↑ 2.72% December $3,710 $3,810 ↑ 2.70% January $3,765 $3,875 ↑ 2.92% Average $3,633 $3,699 ↑ 1.84% SMP August $3,240 $3,330 ↑ 2.78% September $3,335 $3,500 ↑ 4.95% October $3,370 $3,520 ↑ 4.45% November $3,385 $3,535 ↑ 4.43% December $3,415 $3,560 ↑ 4.25% January $3,470 $3,650 ↑ 5.19% Average $3,369 $3,516 ↑ 4.35% AMF August $6,515 $6,530 ↑ 0.23% September $6,225 $6,175 ↓ -0.80% October $5,965 $5,800 ↓ -2.77% November $5,995 $5,750 ↓ -4.09% December $5,915 $5,765 ↓ -2.54% January $5,930 $5,775 ↓ -2.61% Average $6,091 $5,966 ↓ -2.05% Butter August $5,195 $5,195 ↔ 0.00% September $5,000 $4,950 ↓ -1.00% October $4,900 $4,860 ↓ -0.82% November $4,915 $4,850 ↓ -1.32% December $4,900 $4,850 ↓ -1.02% January $4,970 $4,900 ↓ -1.41% Average $4,980 $4,934 ↓ -0.92% Milk Sept '26 $9.76 $9.75 ↓ -0.10% Sept '27 $9.60 $9.70 ↑ 1.04% Sept '28 $9.61 $9.70 ↑ 0.94% European dairy markets also produced mixed results this week. SMP C1 moved lower, while C2-C6 increased. Butter C1-C6 moved higher, while Whey C1-C6 remained unchanged. Liquid Milk C1-C2 remained unchanged, C3-C5 moved lower and C6 moved higher. EEX in EUR Commodity Contract 10/Aug 14/Aug ∆ ∆ % SMP August €2,888 €2,877 ↓ -0.38% September €2,938 €3,022 ↑ 2.86% October €3,000 €3,115 ↑ 3.83% November €3,013 €3,120 ↑ 3.55% December €3,025 €3,159 ↑ 4.43% January €3,038 €3,125 ↑ 2.86% Average €2,984 €3,070 ↑ 2.88% Butter August €4,000 €4,050 ↑ 1.25% September €4,075 €4,138 ↑ 1.55% October €4,145 €4,300 ↑ 3.74% November €4,218 €4,350 ↑ 3.13% December €4,283 €4,400 ↑ 2.73% January €4,330 €4,400 ↑ 1.62% Average €4,175 €4,273 ↑ 2.34% Whey August €1,400 $1,400 ↔ 0.00% September €1,455 €1,455 ↔ 0.00% October €1,465 €1,465 ↔ 0.00% November €1,523 €1,523 ↔ 0.00% December €1,500 €1,500 ↔ 0.00% January €1,515 €1,515 ↔ 0.00% Average €1,476 €1,476 ↔ 0.00% Liq Milk August €39.41 €39.41 ↔ 0.00% September €39.90 €39.90 ↔ 0.00% October €40.53 €40.31 ↓ -0.54% November €41.21 €41.05 ↓ -0.39% December €41.70 €41.58 ↓ -0.29% January €42.33 €42.44 ↑ 0.26% Average €40.85 €40.78 ↓ -0.16% EEX in US dollars EEX in USD euro/Dollar 11543 11572 >> 0.25% Commodity Contract 10/Aug 14/Aug ∆ ∆ % SMP August $3,334 $3,329 ↓ -0.13% September $3,391 $3,497 ↑ 3.12% October $3,463 $3,605 ↑ 4.09% November $3,478 $3,610 ↑ 3.81% December $3,492 $3,656 ↑ 4.69% January $3,507 $3,616 ↑ 3.12% Average $3,444 $3,552 ↑ 3.14% Butter August $4,617 $4,687 ↑ 1.50% September $4,704 $4,788 ↑ 1.80% October $4,785 $4,976 ↑ 4.00% November $4,869 $5,034 ↑ 3.39% December $4,944 $5,092 ↑ 2.99% January $4,998 $5,092 ↑ 1.87% Average $4,819 $4,945 ↑ 2.60% Whey August $1,616 $1,620 ↑ 0.25% September $1,680 $1,684 ↑ 0.25% October $1,691 $1,695 ↑ 0.25% November $1,758 $1,762 ↑ 0.25% December $1,731 $1,736 ↑ 0.25% January $1,749 $1,753 ↑ 0.25% Average $1,704 $1,708 ↑ 0.25% Liq Milk August $45.49 $45.61 ↑ 0.25% September $46.06 $46.17 ↑ 0.25% October $46.78 $46.65 ↓ -0.29% November $47.57 $47.50 ↓ -0.14% December $48.13 $48.12 ↓ -0.04% January $48.86 $49.11 ↑ 0.51% Average $47.15 $47.19 ↑ 0.09% Comparing current prices with the final trading session of 2025 reveals a clear regional divergence. Despite some recent weakness, most commodities remain higher overall. The exceptions are US Butter and Whey on the CME spot market, as well as EU Butter. Overall, despite differences between products and regions, all three trading blocs have performed remarkably well. Region Product Change 14-08-'26 VS 26/12/'25 USA CME SMP 41.24% BUTTER -0.32% WHEY 2.63% CHEESE 7.71% MILK CLASS III 8.83% MILK CLASS IV 31.53% USA CME SPOT CALL MARKET WHEY -5.48% CHEDDAR BLOCKS 19.85% CHEDDAR BARRELS 11.61% BUTTER 4.10% SMP 47.88% NEW ZEALAND SGX WMP 17.43% SMP 37.55% AMF 10.48% BUTTER 1.36% MILK '26 7.73% MILK '27 19.75% MILK '28 13.45% EU EEX SMP 47.16% BUTTER -0.93% WHEY 39.67% LIQ MILK 2.60%