Momentum fades at the dairy future exchanges

Following mixed results in the previous week and a negative result at the most recent GDT event, dairy markets were predominantly weaker or unchanged over the past week across SGX, CME, and EEX.Overall, the CME markets showed considerable upside during the week, despite several notable exceptions. Butter C1–C6 and Cheese C1–C6 moved lower, as did Class III Milk C1. CONTRACT CME Commodity Contract 28/Sept 02/Oct ∆ ∆ % SMP October $4,327 $4,408 ↑ 1.87% November $4,287 $4,497 ↑ 4.88% December $4,056 $4,303 ↑ 6.09% January $3,951 $4,175 ↑ 5.69% February $3,845 $4,070 ↑ 5.83% March $3,765 $3,972 ↑ 5.49% Average $4,039 $4,237 ↑ 4.92% Butter October $3,115 $3,040 ↓ -2.41% November $3,153 $3,086 ↓ -2.12% December $3,224 $3,108 ↓ -3.59% January $3,549 $3,197 ↓ -9.92% February $3,373 $3,252 ↓ -3.59% March $3,571 $3,462 ↓ -3.06% Average $3,331 $3,191 ↓ -4.20% Whey October $1,551 $1,609 ↑ 3.77% November $1,615 $1,717 ↑ 6.35% December $1,664 $1,752 ↑ 5.26% January $1,655 $1,725 ↑ 4.26% February $1,655 $1,742 ↑ 5.26% March $1,664 $1,731 ↑ 3.97% Average $1,634 $1,713 ↑ 4.82% Block Cheese October $3,181 $3,119 ↓ -1.94% November $3,234 $3,197 ↓ -1.16% December $3,289 $3,263 ↓ -0.80% January $3,355 $3,342 ↓ -0.39% February $3,433 $3,424 ↓ -0.26% March $3,499 $3,490 ↓ -0.25% Average $3,332 $3,306 ↓ -0.78% Milk Class III October $33.25 $32.94 ↓ -0.93% November $34.13 $34.30 ↑ 0.52% December $35.01 $35.23 ↑ 0.63% January $35.65 $35.93 ↑ 0.80% February $36.60 $36.90 ↑ 0.84% March $37.26 $37.63 ↑ 1.01% Average $35.31 $35.49 ↓ 0.50% Milk Class IV October $44.64 $44.86 ↑ 0.49% November $44.64 $45.94 ↑ 2.91% December $42.72 $44.47 ↑ 4.08% January $42.37 $43.61 ↑ 2.91% February $41.36 $42.99 ↑ 3.94% March $41.69 $43.03 ↑ 3.23% Average $42.90 $44.15 ↑ 2.90% The CME spot market also generally strengthened. Cheese Barrels remained unchanged, while Butter moved lower. All other tracked spot commodities moved higher. CME Spot market Commodity 28/Sept 02/Oct ∆ ∆ % Dry Whey $1,775 $1,819 ↑ 2.48% Cheese Blocks $2,883 $2,899 ↑ 0.57% Cheese Barrels $3,202 $3,202 ↔ 0.00% Butter $3,020 $2,954 ↓ -2.19% SMP $4,806 $4,894 ↑ 1.83% Following the more hesitant tone observed in SGX futures markets two weeks ago and the decline at the most recent GDT event, weakness remained evident. WMP C2 was unchanged, while SMP C1–C6 moved higher. AMF C5 and C6 were unchanged. Yet, butter C1 and C3 moved higher, while C2 and C6 were unchanged. Milk contracts C2 and C3 also provided some support. SGX Commodity Contract 28/Sept 02/Oct ∆ ∆ % WMP October $3,640 $3,625 ↓ -0.41% November $3,710 $3,710 ↔ 0.00% December $3,800 $3,790 ↓ -0.26% January $3,920 $3,895 ↓ -0.64% February $4,000 $3,960 ↓ -1.00% March $4,015 $4,005 ↓ -0.25% Average $3,848 $3,831 ↓ -0.43% SMP October $3,835 $3,855 ↑ 0.52% November $3,880 $3,910 ↑ 0.77% December $3,885 $3,925 ↑ 1.03% January $3,880 $3,935 ↑ 1.42% February $3,900 $3,940 ↑ 1.03% March $3,900 $3,950 ↑ 1.28% Average $3,880 $3,919 ↑ 1.01% AMF October $5,525 $5,500 ↓ -0.45% November $5,495 $5,480 ↓ -0.27% December $5,525 $5,480 ↓ -0.81% January $5,560 $5,530 ↓ -0.54% February $5,585 $5,585 ↔ 0.00% March $5,725 $5,725 ↔ 0.00% Average $5,569 $5,550 ↓ -0.34% Butter October $4,550 $4,600 ↑ 1.10% November $4,550 $4,510 ↔ -0.88% December $4,550 $4,575 ↑ 0.55% January $4,845 $4,740 ↓ -2.17% February $4,950 $4,790 ↓ -3.23% March $4,900 $4,900 ↔ 0.00% Average $4,724 $4,686 ↓ -0.81% Milk Sept '26 $9.69 $10.03 ↓ 3.51% Sept '27 $10.00 $10.02 ↑ 0.20% Sept '28 $10.00 $10.02 ↑ 0.20% European dairy markets were also predominantly weaker or unchanged this week, with half contracts remaining unchanged at the EEX. SMP C2 was unchanged, while C3–C6 moved higher. Whey C1–C6 and Liquid Milk C1–C6 were unchanged. EEX in EUR Commodity Contract 28/Sept 02/Oct ∆ ∆ % SMP October €3,400 €3,395 ↓ -0.15% November €3,425 €3,425 ↔ 0.00% December €3,425 €3,470 ↑ 1.31% January €3,480 €3,525 ↑ 1.29% February €3,400 €3,475 ↑ 2.21% March €3,400 €3,500 ↑ 2.94% Average €3,422 €3,465 ↑ 1.27% Butter October €4,200 €4,175 ↓ -0.60% November €4,325 €4,113 ↓ -4.90% December €4,325 €4,138 ↓ -4.32% January €4,400 €4,125 ↓ -6.25% February €4,450 €4,163 ↓ -6.45% March €4,500 €4,200 ↓ -6.67% Average €4,367 €4,152 ↓ -4.91% Whey 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 €1,725 €1,725 ↔ 0.00% March €1,710 €1,710 ↔ 0.00% Average €1,710 €1,710 ↔ 0.00% Liq Milk October €40.34 €40.34 ↔ 0.00% November €41.28 €41.28 ↔ 0.00% December €42.93 €42.93 ↔ 0.00% January €44.25 €44.25 ↔ 0.00% February €45.13 €45.13 ↔ 0.00% March €45.80 €45.80 ↔ 0.00% Average €43.29 €43.29 ↔ 0.00% EEX in USD EEX in USD euro/Dollar 11373 11254 >> -1.05% Commodity Contract 28/Sept 02/Oct ∆ ∆ % SMP October $3,867 $3,821 ↓ -1.19% November $3,895 $3,854 ↓ -1.05% December $3,895 $3,905 ↑ 0.25% January $3,958 $3,967 ↑ 0.23% February $3,867 $3,911 ↑ 1.14% March $3,867 $3,939 ↑ 1.86% Average $3,891 $3,900 ↑ 0.21% Butter October $4,777 $4,699 ↑ -1.64% November $4,919 $4,629 ↓ -5.90% December $4,919 $4,657 ↓ -5.32% January $5,004 $4,642 ↓ -7.23% February $5,061 $4,685 ↓ -7.43% March $5,118 $4,727 ↓ -7.64% Average $4,966 $4,673 ↓ -5.90% Whey October $1,905 $1,885 ↓ -1.05% November $1,933 $1,913 ↓ -1.05% December $1,962 $1,941 ↓ -1.05% January $1,962 $1,941 ↓ -1.05% February $1,962 $1,941 ↓ -1.05% March $1,945 $1,924 ↓ -1.05% Average $1,945 $1,924 ↓ -1.05% Liq Milk October $45.88 $45.40 ↓ -1.05% November $46.95 $46.46 ↓ -1.05% December $48.82 $48.31 ↓ -1.05% January $50.33 $49.80 ↓ -1.05% February $51.33 $50.79 ↓ -1.05% March $52.09 $51.54 ↓ -1.05% Average $49.23 $48.72 ↓ -1.05% Comparing current market levels with the final trading session of 2025 reveals a clear divergence between regions and commodities. Despite periods of weakness, most commodities remain above their year-end 2025 levels. The main exceptions are both US Butter quotations and Cheese Barrels on the CME spot market, as well as CME Cheese. Butter in the EU and New Zealand also remains below its year-end 2025 level.Overall, despite mixed weekly movements and pockets of weakness, all three trading blocs have performed strongly compared with the end of 2025. Region Product Change 2-10-'26 VS 26/12/'25 USA CME SMP 63.92% BUTTER -10.39% WHEY 15.26% CHEESE -3.00% MILK CLASS III 1.34% MILK CLASS IV 42.33% USA CME SPOT CALL MARKET WHEY 13.01% CHEDDAR BLOCKS -1.50% CHEDDAR BARRELS 3.75% BUTTER -4.46% SMP 88.14% NEW ZEALAND SGX WMP 21.61% SMP 53.33% AMF 2.78% BUTTER -3.74% MILK '26 10.83% MILK '27 23.70% MILK '28 17.19% EU EEX SMP 66.11% BUTTER -3.73% WHEY 61.78% LIQ MILK 8.90%