Dairy futures mixed as European and New Zealand markets strengthen

Following up from mixed results in the previous weeks, the past week saw mixed results too in the EU and New Zealand while the USA mostly saw downside. CME: Prices mostly moved down, except for SMP C1 (UP), Whey C2-C6 (UP), Cheese C1 (UP), Milk Class III C1 (UP) and C4 (UNCH). Milk Class IV C1 (UP). The CME spot market moved down for Cheese blocks and Butter, up for Dry Whey and SMP, and unchanged for Cheese barrels.SGX: Mostly moved up, except AMF C1 and C4 (DOWN) and C5 & C6 (UNCH), Butter except C2 (DOWN) and C3 & C4 (UNCH). Milk contracts changed as follows: C1 (UNCH), C2 & C3 (UP). EEX: Mostly moved up, except SMP C1 (down), Whey C1 (UNCH), Liquid Milk C1 (Unch), C2, C3, C4 (DOWN). When reviewing the CME markets, we see downside, except the above mentioned. CONTRACT CME Commodity Contract 17/Aug 21/Aug ∆ ∆ % Smp August $3.494 $3.509 ↑ 0,43% September $3.846 $3.814 ↓ -0,85% October $3.836 $3.781 ↓ -1,44% November $3.781 $3.715 ↓ -1,75% December $3.725 $3.649 ↓ -2,06% January $4.075 $3.602 ↓ -11,60% Average $3.793 $3.678 ↓ -3,02% Butter August $3.314 $3.278 ↓ -1,08% September $3.527 $3.406 ↓ -3,44% October $3.623 $3.487 ↓ -3,74% November $3.616 $3.522 ↓ -2,59% December $3.638 $3.571 ↓ -1,82% January $3.682 $3.627 ↓ -1,50% Average $3.566 $3.482 ↓ -2,37% Whey August $1.466 $1.459 ↓ -0,49% September $1.506 $1.514 ↑ 0,55% October $1.532 $1.533 ↑ 0,07% November $1.543 $1.549 ↑ 0,36% December $1.565 $1.587 ↑ 1,41% January $1.533 $1.543 ↑ 0,68% Average $1.524 $1.531 ↑ 0,44% Block August $3.547 $3.569 ↑ 0,62% Cheese September $3.671 $3.519 ↓ -4,14% October $3.675 $3.587 ↓ -2,40% November $3.677 $3.660 ↓ -0,48% December $3.682 $3.662 ↓ -0,54% January $3.679 $3.668 ↓ -0,30% Average $3.655 $3.611 ↓ -1,22% Milk August $36,38 $36,68 ↑ 0,85% Class III September $40,26 $36,49 ↓ -9,36% October $38,23 $37,37 ↓ -2,25% November $38,21 $38,21 ↔ 0,00% December $38,47 $38,36 ↓ -0,29% January $38,43 $38,36 ↓ -0,17% Average $38,33 $37,58 ↓ -1,96% Milk August $38,03 $38,12 ↑ 0,23% Class IV September $42,15 $41,58 ↓ -1,36% October $42,11 $41,64 ↓ -1,10% November $44,05 $41,14 ↓ -6,61% December $41,29 $40,72 ↓ -1,39% January $41,09 $40,39 ↓ -1,72% Average $41,45 $40,60 ↓ -2,07% CME spot market Cheese blocks and Butter moved down, Cheese Barrels remained unchanged, while Whey and SMP moved up. CME Spot market Commodity Contract 17/Aug 21/Aug ∆ ∆ % Dry Whey $1.532 $1.549 ↑ 1,08% Cheese Blocks $3.522 $3.368 ↓ -4,38% Cheese Barrels $3.450 $3.450 ↔ 0,00% Butter $3.246 $3.224 ↓ -0,68% SMP $3.864 $3.968 ↑ 2,71% Following up from the more hesitant tone seen in the SGX futures markets last week and the gain on the most recent GDT event, in the past week, the SGX dairy futures market moved firmer. Some weakness was seen in Butterfats with more strength in powders. SGX Commodity Contract 17/Aug 21/Aug WMP September $3.590 $3.640 ↑ 1,39% October $3.680 $3.690 ↑ 0,27% November $3.750 $3.755 ↑ 0,13% December $3.795 $3.820 ↑ 0,66% January $3.865 $3.915 ↑ 1,29% February $3.900 $3.965 ↑ 1,67% Average $3.763 $3.798 ↑ 0,91% Smp September $3.505 $3.560 ↑ 1,57% October $3.535 $3.615 ↑ 2,26% November $3.550 $3.620 ↑ 1,97% December $3.585 $3.655 ↑ 1,95% January $3.620 $3.700 ↑ 2,21% February $3.645 $3.730 ↑ 2,33% Average $3.573 $3.647 ↑ 2,05% AMF September $6.070 $6.050 ↓ -0,33% October $5.820 $5.850 ↑ 0,52% November $5.800 $5.825 ↑ 0,43% December $5.825 $5.820 ↓ -0,09% January $5.815 $5.815 ↔ 0,00% February $5.805 $5.805 ↔ 0,00% Average $5.856 $5.861 ↑ 0,09% Butter September $4.950 $4.980 ↑ 0,61% October $4.870 $4.850 ↓ -0,41% November $4.850 $4.850 ↔ 0,00% December $4.850 $4.850 ↔ 0,00% January $4.900 $4.925 ↑ 0,51% February $4.900 $4.925 ↑ 0,51% Average $4.887 $4.897 ↑ 0,20% Milk Sept '26 $9,75 $9,75 ↔ 0,00% Sept '27 $9,68 $9,77 ↑ 0,93% Sept '28 $9,70 $9,75 ↑ 0,52% European dairy markets were firmer this week. EEX in EUR Commodity Contract 17/Aug 21/Aug Smp August €2.879 €2.876 ↓ -0,10% September €3.031 €3.103 ↑ 2,38% October €3.086 €3.174 ↑ 2,85% November €3.100 €3.223 ↑ 3,97% December €3.113 €3.213 ↑ 3,21% January €3.125 €3.213 ↑ 2,82% Average €3.056 €3.134 ↑ 2,55% Butter August €4.050 €4.063 ↑ 0,32% September €4.142 €4.188 ↑ 1,11% October €4.300 €4.350 ↑ 1,16% November €4.363 €4.406 ↑ 0,99% December €4.413 €4.447 ↑ 0,77% January €4.425 €4.475 ↑ 1,13% Average €4.282 €4.322 ↑ 0,92% Whey August €1.400 $1.400 ↔ 0,00% September €1.455 €1.575 ↑ 8,25% October €1.465 €1.585 ↑ 8,19% November €1.523 €1.600 ↑ 5,06% December €1.500 €1.615 ↑ 7,67% January €1.515 €1.600 ↑ 5,61% Average €1.476 €1.563 ↑ 5,84% Liq Milk August €39,02 €39,02 ↔ 0,00% September €39,78 €39,62 ↓ -0,40% October €40,16 €40,02 ↓ -0,35% November €40,86 €40,76 ↓ -0,24% December €41,60 €41,77 ↑ 0,41% January €42,56 €42,71 ↑ 0,35% Average €40,66 €40,65 ↓ -0,03% EEX in US dollars EEX in USD euro/Dollar 11581 11681 >> 0,86% Commodity Contract 17/Aug 21/Aug Smp August $3.334 $3.359 ↑ 0,76% September $3.510 $3.625 ↑ 3,26% October $3.574 $3.708 ↑ 3,74% November $3.590 $3.765 ↑ 4,87% December $3.605 $3.753 ↑ 4,10% January $3.619 $3.753 ↑ 3,70% Average $3.539 $3.660 ↑ 3,44% Butter August $4.690 $4.746 ↑ 1,19% September $4.797 $4.892 ↑ 1,98% October $4.980 $5.081 ↑ 2,04% November $5.053 $5.147 ↑ 1,86% December $5.111 $5.195 ↑ 1,64% January $5.125 $5.227 ↑ 2,00% Average $4.959 $5.048 ↑ 1,79% Whey August $1.621 $1.635 ↑ 0,86% September $1.685 $1.840 ↑ 9,18% October $1.697 $1.851 ↑ 9,13% November $1.764 $1.869 ↑ 5,96% December $1.737 $1.886 ↑ 8,60% January $1.755 $1.869 ↑ 6,52% Average $1.710 $1.825 ↑ 6,75% Liq Milk August $45,19 $45,58 ↑ 0,86% September $46,07 $46,28 ↑ 0,46% October $46,51 $46,75 ↑ 0,51% November $47,32 $47,61 ↑ 0,62% December $48,18 $48,79 ↑ 1,28% January $49,29 $49,89 ↑ 1,22% Average $47,09 $47,48 ↑ 0,83% Comparing the current performance with the final trading session of 2025 reveals a strong regional divergence. Despite some weakness occurring from time to time, overall, most commodities moved up. The exceptions are USA Butter and Whey on the spot CME market. Overall, all three trading blocs have performed remarkably well. Region Product Change 21-08-'26 VS 26/12/'25 USA CME SMP 42,29% BUTTER -2,22% WHEY 3,02% CHEESE 5,95% MILK CLASS III 7,30% MILK CLASS IV 30,88% USA CME SPOT CALL MARKET WHEY -3,77% CHEDDAR BLOCKS 14,42% CHEDDAR BARRELS 11,79% BUTTER 4,28% SMP 52,54% NEW ZEALAND SGX WMP 20,56% SMP 42,67% AMF 8,53% BUTTER 0,59% MILK '26 7,73% MILK '27 20,62% MILK '28 14,04% EU EEX SMP 50,22% BUTTER 0,20% WHEY 47,82% LIQ MILK 2,26%