Mixed performance across dairy futures

Following the negative results recorded in the previous week, the past week presented a more mixed picture across the exchanges in the major producers.Overall, the CME markets showed considerable upside. The exceptions were Butter C1–C6, which moved lower, while Whey C2 and C6 remained unchanged. Cheese C2 and C4–C6 moved lower. Class III Milk C2, C5, and C6 also declined, while C4 remained unchanged. Class IV Milk C6 moved lower. CONTRACT CME Commodity Contract 08/Sept 11/Sept ∆ ∆ % SMP September $3,957 $3,968 ↑ 0.29% October $4,040 $4,152 ↑ 2.77% November $3,925 $4,055 ↑ 3.30% December $3,787 $3,902 ↑ 3.01% January $3,720 $3,803 ↑ 2.22% February $3,654 $3,746 ↑ 2.52% Average $3,847 $3,938 ↑ 2.35% Butter September $3,230 $3,208 ↓ -0.68% October $3,247 $3,105 ↓ -4.38% November $3,318 $3,175 ↓ -4.32% December $3,395 $3,252 ↓ -4.22% January $3,461 $3,351 ↓ -3.18% February $3,527 $3,406 ↓ -3.44% Average $3,363 $3,249 ↓ -3.38% Whey September $1,488 $1,493 ↑ 0.30% October $1,521 $1,521 ↔ 0.00% November $1,554 $1,576 ↑ 1.38% December $1,565 $1,571 ↑ 0.35% January $1,571 $1,584 ↑ 0.84% February $1,576 $1,576 ↔ 0.00% Average $1,546 $1,553 ↑ 0.48% Block Cheese September $3,435 $3,446 ↑ 0.32% October $3,435 $3,428 ↓ -0.19% November $3,463 $3,466 ↑ 0.06% December $3,501 $3,479 ↓ -0.63% January $3,571 $3,538 ↓ -0.93% February $3,605 $3,596 ↓ -0.24% Average $3,502 $3,492 ↓ -0.27% Milk Class III September $35.52 $35.60 ↑ 0.25% October $35.69 $35.58 ↓ -0.31% November $36.20 $36.33 ↑ 0.37% December $36.57 $36.57 ↔ 0.00% January $37.30 $34.94 ↓ -6.32% February $37.68 $37.63 ↓ -0.12% Average $36.49 $36.11 ↓ -1.05% Milk Class IV September $41.87 $42.13 ↑ 0.63% October $42.64 $42.99 ↑ 0.83% November $41.91 $42.42 ↑ 1.21% December $40.92 $41.47 ↑ 1.35% January $40.76 $41.05 ↑ 0.70% February $40.78 $40.45 ↓ -0.81% Average $41.48 $41.75 ↑ 0.66% In the CME spot market, prices also increased, except for both cheese quotations and butter, which moved lower. CME Spot market Commodity 08/Sept 11/Sept ∆ ∆ % Dry Whey $1,659 $1,675 ↑ 1.00% Cheese Blocks $3,224 $3,219 ↓ -0.17% Cheese Barrels $3,379 $3,224 ↓ -4.57% Butter $3,092 $3,020 ↓ -2.32% SMP $4,172 $4,343 ↑ 4.10% Following the more hesitant tone seen in SGX futures markets last week and the gain recorded at the most recent GDT event in the preceding week, the SGX dairy futures market mostly weakened or remained unchanged. Weakness was concentrated primarily in butterfat products. The exceptions were WMP C3–C6, SMP C1–C6, and Milk contracts 2 and 3, all of which moved higher. Based on current futures market indications, the outlook for the cash market remains subdued in the near term.The EEX observed a mostly positive performance. The exceptions were SMP C2, C4, and C6, which moved lower; Butter C1–C3, which also declined; and Whey C1–C6, which remained unchanged. Liquid Milk C1 and C3 moved lower. SGX Commodity Contract 07/Sept 11/Sept ∆ ∆ % WMP September $3,560 $3,560 ↔ 0.00% October $3,670 $3,670 ↔ 0.00% November $3,745 $3,755 ↑ 0.27% December $3,800 $3,810 ↑ 0.26% January $3,885 $3,905 ↑ 0.51% February $3,935 $3,985 ↑ 1.27% Average $3,766 $3,781 ↑ 0.40% SMP September $3,630 $3,670 ↑ 1.10% October $3,720 $3,780 ↑ 1.61% November $3,765 $3,790 ↑ 0.66% December $3,765 $3,805 ↑ 1.06% January $3,795 $3,830 ↑ 0.92% February $3,805 $3,845 ↑ 1.05% Average $3,747 $3,787 ↑ 1.07% AMF September $5,960 $5,960 ↔ 0.00% October $5,710 $5,710 ↔ 0.00% November $5,710 $5,710 ↔ 0.00% December $5,710 $5,710 ↔ 0.00% January $5,710 $5,670 ↓ -0.70% February $5,710 $5,670 ↓ -0.70% Average $5,752 $5,738 ↓ -0.23% Butter September $4,990 $4,990 ↔ 0.00% October $4,775 $4,650 ↓ -2.62% November $4,775 $4,650 ↓ -2.62% December $4,775 $4,650 ↓ -2.62% January $4,945 $4,945 ↔ 0.00% February $4,950 $4,950 ↔ 0.00% Average $4,868 $4,806 ↓ -1.28% Milk Sept '26 $9.75 $9.75 ↔ 0.00% Sept '27 $9.78 $9.90 ↑ 1.23% Sept '28 $9.74 $9.80 ↑ 0.62% EEX in USD EEX in EUR Commodity Contract 07/Sept 11/Sept ∆ ∆ % SMP September €3,168 €3,186 ↑ 0.57% October €3,291 €3,281 ↓ -0.30% November €3,300 €3,303 ↑ 0.09% December €3,300 €3,290 ↓ -0.30% January €3,275 €3,288 ↑ 0.40% February €3,250 €3,238 ↓ -0.37% Average €3,264 €3,264 ↑ 0.01% Butter September €4,187 €4,163 ↓ -0.57% October €4,368 €4,350 ↓ -0.41% November €4,500 €4,463 ↓ -0.82% December €4,475 €4,525 ↑ 1.12% January €4,502 €4,525 ↑ 0.51% February €4,550 €4,588 ↑ 0.84% Average €4,430 €4,436 ↑ 0.12% Whey September €1,675 $1,675 ↔ 0.00% October €1,700 €1,700 ↔ 0.00% November €1,725 €1,725 ↔ 0.00% December €1,750 €1,750 ↔ 0.00% January €1,750 €1,750 ↔ 0.00% February €1,725 €1,725 ↔ 0.00% Average €1,721 €1,721 ↔ 0.00% Liq Milk September €39.51 €39.49 ↓ -0.05% October €40.18 €40.29 ↑ 0.27% November €41.03 €40.92 ↓ -0.27% December €41.94 €42.10 ↑ 0.38% January €43.08 €43.21 ↑ 0.30% February €43.99 €44.19 ↑ 0.45% Average €41.62 €41.70 ↑ 0.19% Comparing current performance with the final trading session of 2025 reveals a clear regional divergence. Despite intermittent periods of weakness, most commodities have increased overall. The main exceptions are both US butter quotations and New Zealand butter.Overall, all three trading blocs have performed remarkably well. Region Product Change 11-09-'26 VS 26/12/'25 USA CME SMP 52.32% BUTTER -8.75% WHEY 4.54% CHEESE 2.47% MILK CLASS III 3.12% MILK CLASS IV 34.59% USA CME SPOT CALL MARKET WHEY 4.11% CHEDDAR BLOCKS 9.36% CHEDDAR BARRELS 4.46% BUTTER -2.32% SMP 66.95% NEW ZEALAND SGX WMP 20.03% SMP 48.15% AMF 6.27% BUTTER -1.28% MILK '26 7.73% MILK '27 22.22% MILK '28 14.62% EU EEX SMP 56.49% BUTTER 2.84% WHEY 62.80% LIQ MILK 4.91%