DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-05-07 23:00:02 GMT
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US | DE | US | US | US | US | DE | NZ | NZ | US | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
European Euro | Butter Cash Settled | EEX Butter | Cheddar Cheese Cash Settled | Class 3 Milk Composite | Class 4 Milk Composite | Nonfat Dry Composite | Eurex Skimmed Milk Powder | Whole Milk Powder | Skimmed Milk Powder | Whey, Dry, Electronic | |||||||||||
Pips | CMG | EUREX | CMG | CME | GLOBEX | GLOBEX | EUREX | NZF | NZF | GLOBEX | |||||||||||
DA basis | US$/mt | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | DA basis | US$/mT | ||
Swap | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | |
EUR | C3CB | FBUT | C3CSC | C3QDA | C3GDK | C3GNF | FASM | WMP | SMP | C3DY | |||||||||||
MAY25 | 1.14 | +244.8 | 5186.9 | +403.8 | 5186.9 | +189.4 | 4096.0 | +18.73 | 368.7 | -0.76 | 353.7 | +8.58 | 537.6 | +117.6 | 2682.8 | +116.7 | 2664.9 | +71.70 | 1780.6 | -6.92 | 232.5 |
JUN25 | 1.14 | +250.0 | 5291.1 | +398.7 | 5291.1 | +197.3 | 4253.0 | +18.80 | 370.1 | -1.08 | 348.8 | +9.75 | 562.0 | +119.9 | 2730.0 | +115.5 | 2644.4 | +72.50 | 1797.9 | -6.01 | 251.7 |
JUL25 | 1.14 | +249.7 | 5286.2 | +394.4 | 5286.2 | +195.8 | 4225.0 | +18.81 | 370.3 | -0.97 | 351.3 | +9.60 | 559.2 | +119.8 | 2727.6 | +114.4 | 2622.7 | +72.10 | 1789.8 | -6.30 | 246.2 |
AUG25 | 1.14 | +254.9 | 5390.3 | +393.8 | 5390.3 | +199.4 | 4297.0 | +18.91 | 372.3 | -0.85 | 355.5 | +10.30 | 575.1 | +121.8 | 2769.3 | +109.6 | 2529.1 | +71.10 | 1772.2 | -6.43 | 245.8 |
SEP25 | 1.14 | +260.8 | 5508.2 | +399.0 | 5508.2 | +200.9 | 4328.0 | +19.02 | 374.3 | -0.45 | 365.5 | +10.78 | 586.4 | +123.8 | 2811.9 | +104.3 | 2427.8 | +70.00 | 1751.7 | -6.85 | 239.5 |
OCT25 | 1.15 | +266.5 | 5621.4 | +400.5 | 5621.4 | +201.3 | 4338.0 | +19.07 | 375.4 | -0.07 | 374.0 | +11.18 | 595.4 | +125.5 | 2845.2 | +100.6 | 2355.1 | +69.30 | 1739.2 | -6.85 | 240.6 |
NOV25 | 1.16 | +271.7 | 5720.7 | +400.7 | 5720.7 | +199.8 | 4305.0 | +18.94 | 372.9 | +0.31 | 379.0 | +11.66 | 602.5 | +127.3 | 2878.4 | +98.90 | 2319.3 | +69.00 | 1731.1 | -6.85 | 238.1 |
3Q25 | 1.16 | +255.2 | 5394.9 | +395.7 | 5394.9 | +198.7 | 4283.3 | +18.91 | 372.3 | -0.76 | 357.4 | +10.22 | 573.6 | +121.8 | 2769.6 | +109.4 | 2526.5 | +71.10 | 1771.2 | -6.53 | 243.8 |
4Q25 | 1.17 | +270.5 | 5696.9 | +399.0 | 5696.9 | +199.0 | 4288.7 | +18.89 | 371.9 | +0.34 | 378.6 | +11.64 | 601.0 | +127.4 | 2879.9 | +99.40 | 2328.2 | +69.20 | 1734.1 | -6.92 | 235.7 |
1Q26 | 1.17 | +267.0 | 5615.4 | +387.3 | 5615.4 | +189.1 | 4081.3 | +18.24 | 359.0 | +1.14 | 381.4 | +12.39 | 602.9 | +131.0 | 2937.9 | +100.2 | 2331.8 | +73.00 | 1795.4 | -6.80 | 225.1 |
2Q26 | 1.18 | +265.6 | 5582.6 | +388.6 | 5582.6 | +187.4 | 4041.7 | +17.96 | 353.5 | +1.37 | 380.4 | +12.84 | 606.2 | +135.1 | 3012.9 | +100.6 | 2333.4 | +75.50 | 1840.3 | -7.17 | 212.4 |
3Q26 | 1.18 | +266.3 | 5596.1 | +390.0 | 5596.1 | +189.8 | 4089.7 | +18.01 | 354.5 | +1.20 | 377.9 | +12.90 | 608.5 | +137.5 | 3060.3 | +98.30 | 2288.6 | +74.50 | 1820.4 | -8.50 | 186.7 |
2025 | 1.19 | +259.0 | 5469.2 | +398.3 | 5469.2 | +197.5 | 4258.1 | +18.87 | 371.4 | -0.39 | 363.8 | +10.49 | 577.9 | +123.1 | 2795.2 | +107.3 | 2484.2 | +70.60 | 1761.8 | -6.66 | 240.4 |
2026 | 1.19 | +266.2 | 5593.6 | +390.2 | 5593.6 | +189.1 | 4076.6 | +17.98 | 354.0 | +1.21 | 377.7 | +12.98 | 609.5 | +136.3 | 3036.8 | +99.30 | 2307.8 | +73.70 | 1804.4 | -7.75 | 201.4 |
2027 | 1.19 | +254.3 | 5334.6 | +440.1 | 5334.6 | +179.7 | 3866.1 | +16.67 | 328.2 | +1.44 | 356.6 | +20.44 | 730.5 | +165.3 | 3581.3 | +99.20 | 2280.0 | +72.90 | 1763.2 | -7.46 | 181.4 |
2028 | 1.20 | +230.8 | 4505.6 | +592.8 | 11632 | -36.10 | -747.7 | -1.88 | -36.91 | +16.23 | 282.5 | +30.23 | 558.1 | +175.4 | 3415.8 | +113.2 | 2192.3 | +109.7 | 2121.9 | +2.97 | 21.46 |
2029 | 1.20 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
MAY25 |
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JUN25 |
JUL25 |
AUG25 |
SEP25 |
OCT25 |
NOV25 |
3Q25 |
4Q25 |
1Q26 |
2Q26 |
3Q26 |
2025 |
2026 |
2027 |
2028 |
2029 |