Dairy futures weaken across all exchanges

Following mixed results in previous weeks, the past week saw downside across all three continents, despite the small gain recorded at the GDT event at the start of the week.Prices mostly moved lower at the CME, with the exceptions of Butter C5 and C6, which moved up, and Whey C5 and C6, which also moved up. CONTRACT CME Commodity Contract 31/Aug 04/Sept ∆ ∆ % SMP September $3,990 $3,947 ↓ -1.08% October $4,061 $4,007 ↓ -1.33% November $3,972 $3,892 ↓ -2.03% December $3,871 $3,760 ↓ -2.88% January $3,797 $3,709 ↓ -2.31% February $3,737 $3,654 ↓ -2.23% Average $3,905 $3,828 ↓ -1.96% Butter September $3,278 $3,241 ↓ -1.14% October $3,313 $3,307 ↓ -0.20% November $3,395 $3,373 ↓ -0.65% December $3,450 $3,439 ↓ -0.32% January $3,483 $3,505 ↑ 0.63% February $3,527 $3,588 ↑ 1.72% Average $3,408 $3,409 ↑ 0.03% Whey September $1,521 $1,499 ↓ -1.45% October $1,576 $1,532 ↓ -2.80% November $1,583 $1,571 ↓ -0.77% December $1,610 $1,576 ↓ -2.12% January $1,554 $1,576 ↑ 1.42% February $1,554 $1,577 ↑ 1.45% Average $1,567 $1,555 ↓ -0.72% Block September $3,481 $3,446 ↓ -1.01% Cheese October $3,571 $3,479 ↓ -2.59% November $3,633 $3,512 ↓ -3.34% December $3,622 $3,525 ↓ -2.68% January $3,638 $3,571 ↓ -1.82% February $3,649 $3,627 ↓ -0.60% Average $3,599 $3,527 ↓ -2.01% Milk September $36.05 $36.00 ↓ -0.12% Class III October $37.43 $36.82 ↓ -1.65% November $38.10 $37.35 ↓ -1.97% December $38.10 $37.46 ↓ -1.68% January $38.16 $37.79 ↓ -0.98% February $38.38 $38.07 ↓ -0.80% Average $37.70 $37.25 ↓ -1.21% Milk September $42.77 $42.22 ↓ -1.29% Class IV October $43.19 $42.99 ↓ -0.46% November $42.84 $42.33 ↓ -1.18% December $41.95 $41.64 ↓ -0.74% January $41.45 $41.31 ↓ -0.32% February $41.12 $41.05 ↓ -0.16% Average $42.22 $41.92 ↓ -0.70% The CME spot market generally moved higher, except for both cheese quotations and Butter, which declined. CME Spot market Commodity 31/Aug 04/Sept ∆ ∆ % Dry Whey $1,626 $1,659 ↑ 2.03% Cheese Blocks $3,268 $3,230 ↓ -1.18% Cheese Barrels $3,450 $3,379 ↓ -2.08% Butter $3,197 $3,175 ↓ -0.69% SMP $4,123 $4,145 ↑ 0.53% Most prices also moved lower at the SGX, following the hesitant tone observed last week and despite the gains at the GDT. Based on current futures pricing, the outlook for the cash market remains subdued in the near term. SGX Commodity Contract 31/Aug 04/Sept ∆ ∆ % WMP September $3,705 $3,570 ↓ -3.64% October $3,810 $3,710 ↓ -2.62% November $3,875 $3,760 ↓ -2.97% December $3,925 $3,820 ↓ -2.68% January $3,980 $3,910 ↓ -1.76% February $4,035 $3,955 ↓ -1.98% Average $3,888 $3,788 ↓ -2.59% SMP September $3,670 $3,600 ↓ -1.91% October $3,745 $3,710 ↓ -0.93% November $3,795 $3,755 ↓ -1.05% December $3,805 $3,755 ↓ -1.31% January $3,835 $3,770 ↓ -1.69% February $3,860 $3,780 ↓ -2.07% Average $3,785 $3,728 ↓ -1.50% AMF September $5,960 $5,960 ↔ 0.00% October $5,770 $5,750 ↓ -0.35% November $5,755 $5,755 ↔ 0.00% December $5,750 $5,700 ↓ -0.87% January $5,850 $5,700 ↓ -2.56% February $5,850 $5,730 ↓ -2.05% Average $5,823 $5,766 ↓ -0.97% Butter September $4,980 $4,990 ↑ 0.20% October $4,860 $4,775 ↓ -1.75% November $4,900 $4,775 ↓ -2.55% December $4,900 $4,775 ↓ -2.55% January $4,945 $4,945 ↔ 0.00% February $4,950 $4,950 ↑ 0.00% Average $4,923 $4,868 ↑ -1.10% Milk Sept '26 $9.75 $9.75 ↔ 0.00% Sept '27 $9.95 $9.84 ↓ -1.11% Sept '28 $9.91 $9.80 ↓ -1.11% Weakness was seen across most commodities but for some exceptions. AMF C1 and C3 were unchanged. Butter moved higher, except for C5, which was unchanged. Milk contracts showed a mixed performance: C1 was unchanged, while C2 and C3 moved lower.Most prices moved lower at the EEX, except for two commodities. Whey C1 and C2 moved up, as did Liquid Milk C2–C6. EEX in EUR Commodity Contract 31/Aug 04/Sept ∆ ∆ % SMP September €3,189 €3,161 ↓ -0.88% October €3,357 €3,288 ↓ -2.06% November €3,377 €3,265 ↓ -3.32% December €3,354 €3,274 ↓ -2.39% January €3,325 €3,251 ↓ -2.23% February €3,308 €3,250 ↓ -1.75% Average €3,318 €3,248 ↓ -2.11% Butter September €4,218 €4,193 ↓ -0.59% October €4,404 €4,396 ↓ -0.18% November €4,525 €4,513 ↓ -0.27% December €4,600 €4,519 ↓ -1.76% January €4,650 €4,590 ↓ -1.29% February €4,700 €4,635 ↓ -1.38% Average €4,516 €4,474 ↓ -0.93% Whey September €1,650 $1,675 ↑ 1.52% October €1,700 €1,700 ↑ 0.00% November €1,825 €1,725 ↓ -5.48% December €1,825 €1,750 ↓ -4.11% January €1,825 €1,750 ↓ -4.11% February €1,825 €1,725 ↓ -5.48% Average €1,775 €1,721 ↓ -3.05% Liq Milk September €39.54 €39.51 ↓ -0.08% October €40.07 €40.18 ↑ 0.27% November €40.82 €41.03 ↑ 0.51% December €41.91 €41.94 ↑ 0.07% January €42.86 €43.08 ↑ 0.51% February €43.89 €43.99 ↑ 0.23% Average €41.52 €41.62 ↑ 0.26% EEX in USD EEX in USD euro/Dollar 11617 11616 >> -0.01% Commodity Contract 31/Aug 04/Sept ∆ ∆ % SMP September $3,705 $3,672 ↓ -0.89% October $3,900 $3,819 ↓ -2.06% November $3,923 $3,793 ↓ -3.32% December $3,896 $3,803 ↓ -2.39% January $3,863 $3,776 ↓ -2.23% February $3,843 $3,775 ↓ -1.76% Average $3,855 $3,773 ↓ -2.12% Butter September $4,900 $4,871 ↓ -0.60% October $5,116 $5,106 ↓ -0.19% November $5,257 $5,242 ↓ -0.27% December $5,344 $5,249 ↓ -1.77% January $5,402 $5,332 ↓ -1.30% February $5,460 $5,384 ↓ -1.39% Average $5,246 $5,197 ↓ -0.93% Whey September $1,917 $1,946 ↑ 1.51% October $1,975 $1,975 ↓ -0.01% November $2,120 $2,004 ↓ -5.49% December $2,120 $2,033 ↓ -4.12% January $2,120 $2,033 ↓ -4.12% February $2,120 $2,004 ↓ -5.49% Average $2,062 $1,999 ↓ -3.06% Liq Milk September $45.93 $45.89 ↓ -0.08% October $46.55 $46.67 ↑ 0.27% November $47.42 $47.66 ↑ 0.51% December $48.69 $48.72 ↑ 0.06% January $49.79 $50.04 ↑ 0.50% February $50.99 $51.10 ↑ 0.22% Average $48.23 $48.35 ↑ 0.25% Comparing current performance with the final trading session of 2025 reveals notable differences between products. Despite periods of weakness, most commodities remain above their levels at the end of 2025. The main exception is US Butter.Overall, despite the weaker performance over the past week, all three trading blocs have performed remarkably well compared with the end of 2025. Region Product Change 04-09-'26 VS 26/12/'25 USA CME SMP 48.09% BUTTER -4.27% WHEY 4.66% CHEESE 3.48% MILK CLASS III 6.36% MILK CLASS IV 35.15% USA CME SPOT CALL MARKET WHEY 3.08% CHEDDAR BLOCKS 9.74% CHEDDAR BARRELS 9.46% BUTTER 2.67% SMP 59.32% NEW ZEALAND SGX WMP 20.24% SMP 45.87% AMF 6.77% BUTTER 0.01% MILK '26 7.73% MILK '27 21.48% MILK '28 14.62% EU EEX SMP 55.71% BUTTER 3.74% WHEY 62.80% LIQ MILK 4.71%