Dairy futures weaken in most exchanges

Following the mixed results of the previous week and the negative outcome of the latest GDT event, dairy markets delivered mostly negative results over the past week, although with several exceptions.Prices generally moved higher in the CME albeit with several exceptions. SMP C5 and C6 declined. Butter C1 and C6 declined, while C5 remained unchanged. Whey C1 was unchanged. Cheese C2–C6 moved lower, as did Class III Milk C2–C6, with C4 unchanged. Class IV Milk C5 and C6 also declined. CONTRACT CME Commodity Contract 14/Sept 18/Sept ∆ ∆ % SMP September $3,955 $3,968 ↑ 0.33% October $4,093 $4,166 ↑ 1.78% November $4,010 $4,051 ↑ 1.03% December $3,836 $3,856 ↑ 0.52% January $3,750 $3,748 ↓ -0.06% February $3,699 $3,675 ↓ -0.66% Average $3,891 $3,911 ↑ 0.52% Butter September $3,208 $3,202 ↓ -0.17% October $3,101 $3,119 ↑ 0.60% November $3,144 $3,164 ↑ 0.63% December $3,224 $3,251 ↑ 0.82% January $3,329 $3,329 ↔ 0.00% February $3,390 $3,351 ↓ -1.14% Average $3,232 $3,236 ↑ 0.11% Whey September $1,493 $1,493 ↔ 0.00% October $1,516 $1,561 ↑ 3.02% November $1,565 $1,610 ↑ 2.85% December $1,571 $1,628 ↑ 3.65% January $1,576 $1,609 ↑ 2.10% February $1,576 $1,609 ↑ 2.10% Average $1,549 $1,585 ↑ 2.30% Block Cheese September $3,441 $3,450 ↑ 0.26% October $3,386 $3,302 ↓ -2.47% November $3,444 $3,333 ↓ -3.20% December $3,470 $3,362 ↓ -3.11% January $3,525 $3,419 ↓ -3.00% February $3,591 $3,519 ↓ -2.03% Average $3,476 $3,398 ↓ -2.26% Milk Class III September $35.58 $35.63 ↑ 0.12% October $35.12 $34.59 ↓ -1.51% November $35.91 $35.19 ↓ -2.03% December $36.22 $35.58 ↓ -1.77% January $36.84 $36.13 ↓ -1.92% February $37.48 $37.08 ↓ -1.06% Average $36.19 $35.70 ↓ -1.36% Milk Class IV September $42.09 $42.20 ↑ 0.26% October $42.53 $43.32 ↑ 1.87% November $41.84 $42.53 ↑ 1.63% December $40.76 $40.90 ↑ 0.32% January $40.37 $40.26 ↓ -0.27% February $40.34 $40.01 ↓ -0.82% Average $41.32 $41.53 ↑ 0.52% In the CME spot market, prices generally moved higher, except for cheese blocks quotations, which declined, while butter remained unchanged. CME Spot market Commodity 14/Sept 18/Sept ∆ ∆ % Dry Whey $1,675 $1,720 ↑ 2.63% Cheese Blocks $3,131 $2,976 ↓ -4.93% Cheese Barrels $3,175 $3,202 ↑ 0.87% Butter $3,020 $3,020 ↔ 0.00% SMP $4,398 $4,586 ↑ 4.26% Following the more hesitant tone in SGX futures markets two weeks ago and the decline recorded at the latest GDT event, SGX dairy futures generally weakened or remained unchanged. Weakness was evident across several commodities, with the largest losses occurring in butterfat products. Within the exceptions, AMF C6 and Butter C5 were unchanged. Among the milk contracts, C1 was unchanged, while C3 moved higher. SGX Commodity Contract 14/Sept 18/Sept ∆ ∆ % WMP October $3,665 $3,590 ↓ -2.05% November $3,750 $3,635 ↓ -3.07% December $3,800 $3,710 ↓ -2.37% January $3,895 $3,815 ↓ -2.05% February $3,980 $3,915 ↓ -1.63% March $4,035 $3,975 ↓ -1.49% Average $3,854 $3,773 ↓ -2.10% Smp October $3,760 $3,700 ↓ -1.60% November $3,765 $3,710 ↓ -1.46% December $3,785 $3,735 ↓ -1.32% January $3,815 $3,765 ↓ -1.31% February $3,835 $3,775 ↓ -1.56% March $3,845 $3,790 ↓ -1.43% Average $3,801 $3,746 ↓ -1.45% AMF October $5,710 $5,575 ↓ -2.36% November $5,710 $5,485 ↓ -3.94% December $5,710 $5,445 ↓ -4.64% January $5,725 $5,585 ↓ -2.45% February $5,725 $5,610 ↓ -2.01% March $5,725 $5,725 ↔ 0.00% Average $5,718 $5,571 ↓ -2.57% Butter October $4,650 $4,550 ↓ -2.15% November $4,640 $4,555 ↓ -1.83% December $4,640 $4,530 ↓ -2.37% January $4,945 $4,845 ↓ -2.02% February $4,950 $4,950 ↔ 0.00% March $4,940 $4,900 ↓ -0.81% Average $4,794 $4,722 ↓ -1.51% Milk Sept '26 $9.75 $9.75 ↔ 0.00% Sept '27 $9.90 $9.83 ↓ -0.71% Sept '28 $9.81 $9.82 ↑ 0.10% European dairy markets showed a more mixed performance this week, with EEX contracts generally moving higher despite weakness in SMP and Liquid Milk contracts. Declines were observed in SMP C1 and C2 and Liquid Milk C4 and C5. EEX in EUR Commodity Contract 14/Sept 18/Sept ∆ ∆ % Smp September €3,185 €3,198 ↑ 0.41% October €3,225 €3,261 ↑ 1.12% November €3,305 €3,254 ↓ -1.54% December €3,290 €3,250 ↓ -1.22% January €3,288 €3,244 ↓ -1.34% February €3,213 €3,200 ↓ -0.40% Average €3,251 €3,235 ↓ -0.51% Butter September €4,166 €4,135 ↓ -0.74% October €4,300 €4,263 ↓ -0.86% November €4,438 €4,300 ↓ -3.11% December €4,525 €4,363 ↓ -3.58% January €4,525 €4,425 ↓ -2.21% February €4,590 €4,495 ↓ -2.07% Average €4,424 €4,330 ↓ -2.12% Whey September €1,675 $1,650 ↓ -1.49% October €1,700 €1,675 ↓ -1.47% November €1,725 €1,700 ↓ -1.45% December €1,750 €1,725 ↓ -1.43% January €1,750 €1,725 ↓ -1.43% February €1,725 €1,715 ↓ -0.58% Average €1,721 €1,698 ↓ -1.31% Liq Milk September €39.49 €39.44 ↓ -0.13% October €40.29 €40.22 ↓ -0.17% November €40.92 €40.90 ↓ -0.05% December €42.10 €42.17 ↑ 0.17% January €43.21 €43.27 ↑ 0.14% February €44.19 €44.13 ↓ -0.13% Average €41.70 €41.69 ↓ -0.03% EEX in USD EEX in USD euro/Dollar 11549 11485 >> -0.55% Commodity Contract 14/Sept 18/Sept ∆ ∆ % Smp September $3,678 $3,673 ↓ -0.15% October $3,725 $3,745 ↑ 0.56% November $3,817 $3,737 ↓ -2.09% December $3,800 $3,733 ↓ -1.76% January $3,797 $3,726 ↓ -1.88% February $3,711 $3,675 ↓ -0.96% Average $3,755 $3,715 ↓ -1.06% Butter September $4,811 $4,749 ↓ -1.29% October $4,966 $4,896 ↓ -1.41% November $5,125 $4,939 ↓ -3.65% December $5,226 $5,011 ↓ -4.11% January $5,226 $5,082 ↓ -2.75% February $5,301 $5,163 ↓ -2.61% Average $5,109 $4,973 ↓ -2.66% Whey September $1,934 $1,895 ↓ -2.04% October $1,963 $1,924 ↓ -2.02% November $1,992 $1,952 ↓ -2.00% December $2,021 $1,981 ↓ -1.97% January $2,021 $1,981 ↓ -1.97% February $1,992 $1,970 ↓ -1.13% Average $1,987 $1,951 ↓ -1.85% Liq Milk September $45.61 $45.30 ↓ -0.68% October $46.53 $46.19 ↓ -0.73% November $47.26 $46.97 ↓ -0.60% December $48.62 $48.43 ↓ -0.39% January $49.90 $49.70 ↓ -0.42% February $51.04 $50.69 ↓ -0.68% Average $48.16 $47.88 ↓ -0.58% Comparing current prices with the final trading session of 2025 highlights a clear regional divergence. Despite periods of weakness, most commodities remain above their year-end 2025 levels. The main exceptions are both US butter quotations and cheese on the CME spot market, as well as butter in New Zealand.Overall, despite the weaker tone observed in parts of the market this week, all three trading blocs have performed strongly compared with the end of 2025. Region Product Change 18-09-'26 VS 26/12/'25 USA CME SMP 51.28% BUTTER -9.13% WHEY 6.67% CHEESE -0.30% MILK CLASS III 1.94% MILK CLASS IV 33.90% USA CME SPOT CALL MARKET WHEY 6.85% CHEDDAR BLOCKS 1.12% CHEDDAR BARRELS 3.75% BUTTER -2.32% SMP 76.27% NEW ZEALAND SGX WMP 19.79% SMP 46.55% AMF 3.16% BUTTER -3.01% MILK '26 7.73% MILK '27 21.36% MILK '28 14.85% EU EEX SMP 55.06% BUTTER 0.40% WHEY 60.67% LIQ MILK 4.88%