Dairy futures mostly strengthen across trading blocs

Following up from mixed results in the previous week and a negative result in last week's GDT event, the past week saw mostly positive results on the SGX and CME and more mixed on the EEX.CME: Prices mostly moved up, except for SMP C1 (DOWN), Whey C1-C3 (DOWN), Cheese C1 -C6 (DOWN), MILK Class III C1 – C3 (DOWN), and Milk Class IV C1 (DOWN). The CME spot market mostly moved up, except for both cheese blocks (DOWN) and Cheese Barrels (UNCH).SGX: Mostly moved down, except AMF C2 (UNCH), C4 and C5 (DOWN) and C6 (UNCH) and Butter C1, C2 C4-6 (UNCH) , and Milk contracts 1(DOWN). EEX: Mostly moved up, except Butter C2-C6 (DOWN), WHEY C1 (DOWB) and C2 -C5 (UNCH), and Liquid Milk C1 (UNCH) and C2 (DOWN).When reviewing the CME markets, we see a lot of upsides, except the above mentioned. CONTRACT CME Commodity Contract 21/Sept 25/Sept ∆ ∆ % Smp September $3.973 $3.954 ↓ -0,47% October $4.231 $4.332 ↑ 2,38% November $4.124 $4.286 ↑ 3,93% December $3.904 $4.067 ↑ 4,18% January $3.796 $3.935 ↑ 3,67% February $3.692 $3.845 ↑ 4,13% Average $3.953 $4.070 ↑ 2,95% Butter September $3.202 $3.203 ↑ 0,03% October $3.097 $3.153 ↑ 1,78% November $3.135 $3.241 ↑ 3,36% December $3.219 $3.287 ↑ 2,12% January $3.307 $3.384 ↑ 2,33% February $3.351 $3.440 ↑ 2,65% Average $3.219 $3.285 ↑ 2,05% Whey September $1.493 $1.477 ↓ -1,03% October $1.555 $1.538 ↓ -1,13% November $1.610 $1.604 ↓ -0,41% December $1.628 $1.664 ↑ 2,23% January $1.621 $1.654 ↑ 2,04% February $1.620 $1.655 ↑ 2,11% Average $1.588 $1.599 ↑ 0,67% Block September $3.450 $3.446 ↓ -0,13% Cheese October $3.307 $3.208 ↓ -3,00% November $3.336 $3.311 ↓ -0,73% December $3.355 $3.347 ↓ -0,26% January $3.411 $3.395 ↓ -0,45% February $3.481 $3.466 ↓ -0,44% Average $3.390 $3.362 ↓ -0,82% Milk September $35,63 $35,54 ↓ -0,25% Class III October $34,61 $33,42 ↓ -3,44% November $35,23 $34,96 ↓ -0,75% December $35,43 $35,58 ↑ 0,44% January $36,00 $36,29 ↑ 0,80% February $36,86 $37,02 ↑ 0,42% Average $35,63 $35,47 ↓ -0,44% Milk September $42,20 $42,06 ↓ -0,31% Class IV October $43,56 $44,75 ↑ 2,73% November $42,99 $44,62 ↑ 3,79% December $41,29 $43,10 ↑ 4,38% January $40,37 $42,37 ↑ 4,97% February $40,01 $41,75 ↑ 4,35% Average $41,74 $43,11 ↑ 3,29% CME spot market both Cheese quotes and Butter moved down, with the rest moving up. CME Spot market Commodity 21/Sept 25/Sept ∆ ∆ % Dry Whey $1.720 $1.753 ↑ 1,92% Cheese Blocks $3.009 $2.964 ↓ -1,50% Cheese Barrels $3.202 $3.202 ↔ 0,00% Butter $2.998 $3.008 ↑ 0,33% SMP $4.613 $4.721 ↑ 2,34% Following up from the more hesitant tone seen in the SGX futures markets in the week before last and the loss on the most recent GDT event, the SGX dairy futures market mostly moved stronger or remained unchanged. Weakness was seen in all butter fats. SGX Commodity Contract 21/Sept 25/Sept ∆ ∆ % WMP October $3.580 $3.605 ↑ 0,70% November $3.635 $3.720 ↑ 2,34% December $3.705 $3.790 ↑ 2,29% January $3.825 $3.910 ↑ 2,22% February $3.915 $4.005 ↑ 2,30% March $3.975 $4.020 ↑ 1,13% Average $3.773 $3.842 ↑ 1,83% Smp October $3.735 $3.815 ↑ 2,14% November $3.745 $3.855 ↑ 2,94% December $3.770 $3.860 ↑ 2,39% January $3.785 $3.875 ↑ 2,38% February $3.810 $3.880 ↑ 1,84% March $3.825 $3.890 ↑ 1,70% Average $3.778 $3.863 ↑ 2,23% AMF October $5.475 $5.525 ↑ 0,91% November $5.495 $5.495 ↔ 0,00% December $5.445 $5.525 ↑ 1,47% January $5.585 $5.560 ↓ -0,45% February $5.610 $5.585 ↓ -0,45% March $5.725 $5.725 ↔ 0,00% Average $5.556 $5.569 ↑ 0,24% Butter October $4.555 $4.555 ↔ 0,00% November $4.550 $4.550 ↔ 0,00% December $4.550 $4.500 ↓ -1,10% January $4.845 $4.845 ↔ 0,00% February $4.950 $4.950 ↔ 0,00% March $4.900 $4.900 ↔ 0,00% Average $4.725 $4.717 ↓ -0,18% Milk Sept '26 $9,75 $9,69 ↓ -0,62% Sept '27 $9,81 $9,95 ↑ 1,43% Sept '28 $9,83 $9,97 ↑ 1,42% European dairy markets were also mostly weaker this week. EEX in EUR Commodity Contract 21/Sept 25/Sept ∆ ∆ % Smp September €3.198 €3.208 ↑ 0,31% October €3.263 €3.400 ↑ 4,20% November €3.269 €3.484 ↑ 6,58% December €3.281 €3.421 ↑ 4,27% January €3.213 €3.399 ↑ 5,79% February €3.200 €3.388 ↑ 5,88% Average €3.237 €3.383 ↑ 4,51% Butter September €4.135 €4.175 ↑ 0,97% October €4.213 €4.200 ↓ -0,31% November €4.338 €4.325 ↓ -0,30% December €4.365 €4.325 ↓ -0,92% January €4.425 €4.400 ↓ -0,56% February €4.495 €4.450 ↓ -1,00% Average €4.329 €4.313 ↓ -0,37% Whey September €1.650 $1.630 ↓ -1,21% October €1.675 €1.675 ↔ 0,00% November €1.700 €1.700 ↔ 0,00% December €1.725 €1.725 ↔ 0,00% January €1.725 €1.725 ↔ 0,00% February €1.715 €1.725 ↑ 0,58% Average €1.698 €1.697 ↓ -0,10% Liq Milk September €39,44 €39,44 ↔ 0,00% October €40,40 €40,34 ↓ -0,15% November €41,09 €41,28 ↑ 0,46% December €42,39 €42,93 ↑ 1,27% January €43,56 €44,25 ↑ 1,58% February €44,59 €45,13 ↑ 1,21% Average €41,91 €42,23 ↑ 0,76% EEX in USD euro/Dollar 11463 11390 >> -0,64% Commodity Contract 21/Sept 25/Sept ∆ ∆ % Smp September $3.666 $3.654 ↓ -0,33% October $3.740 $3.873 ↑ 3,54% November $3.747 $3.968 ↑ 5,90% December $3.761 $3.897 ↑ 3,60% January $3.683 $3.871 ↑ 5,12% February $3.668 $3.859 ↑ 5,20% Average $3.711 $3.854 ↑ 3,84% Butter September $4.740 $4.755 ↑ 0,32% October $4.829 $4.784 ↓ -0,94% November $4.973 $4.926 ↓ -0,93% December $5.004 $4.926 ↓ -1,55% January $5.072 $5.012 ↓ -1,20% February $5.153 $5.069 ↓ -1,63% Average $4.962 $4.912 ↓ -1,00% Whey September $1.891 $1.857 ↓ -1,84% October $1.920 $1.908 ↓ -0,64% November $1.949 $1.936 ↓ -0,64% December $1.977 $1.965 ↓ -0,64% January $1.977 $1.965 ↓ -0,64% February $1.966 $1.965 ↓ -0,06% Average $1.947 $1.933 ↓ -0,73% Liq Milk September $45,21 $44,92 ↓ -0,64% October $46,31 $45,95 ↓ -0,78% November $47,10 $47,02 ↓ -0,18% December $48,59 $48,90 ↑ 0,63% January $49,93 $50,40 ↑ 0,94% February $51,11 $51,40 ↑ 0,57% Average $48,04 $48,10 ↑ 0,11% 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 both USA Butter quotations and Cheese on the CME spot market, and Butter in the EU and New Zealand.Overall, all three trading blocs have performed remarkably well. Region Product Change 25-09-'26 VS 26/12/'25 USA CME SMP 57,44% BUTTER -7,76% WHEY 7,58% CHEESE -1,35% MILK CLASS III 1,28% MILK CLASS IV 38,98% USA CME SPOT CALL MARKET WHEY 8,90% CHEDDAR BLOCKS 0,71% CHEDDAR BARRELS 3,75% BUTTER -2,71% SMP 81,48% NEW ZEALAND SGX WMP 21,96% SMP 51,12% AMF 3,13% BUTTER -3,11% MILK '26 7,07% MILK '27 22,84% MILK '28 16,61% EU EEX SMP 62,19% BUTTER -0,01% WHEY 60,52% LIQ MILK 6,23%