DAIRY PRODUCTS in US$/mT

Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.

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last update: 2025-07-17 23:00:03 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
JUL25 1.16 +273.7 5732.0 +417.1 5732.0 +180.3 3893.0 +17.46 343.7 +1.55 374.2 +12.21 584.0 +124.5 2793.7 +100.4 2320.6 +65.00 1622.9 -4.27 259.7
AUG25 1.16 +274.9 5755.7 +410.9 5755.7 +183.3 3953.0 +17.52 344.9 +1.58 376.0 +12.38 588.5 +126.2 2829.3 +96.70 2248.5 +65.70 1638.3 -4.89 248.6
SEP25 1.16 +275.5 5771.9 +406.0 5771.9 +184.4 3978.0 +17.69 348.3 +1.46 377.1 +12.25 589.4 +125.9 2827.1 +96.80 2253.4 +66.00 1647.5 -4.97 250.5
OCT25 1.16 +278.8 5845.2 +403.1 5845.2 +189.6 4090.0 +18.17 357.7 +1.22 381.8 +12.05 594.9 +126.9 2855.4 +96.60 2259.1 +66.00 1657.5 -5.67 246.0
NOV25 1.16 +282.5 5926.0 +401.6 5926.0 +193.6 4176.0 +18.56 365.3 +1.08 386.6 +11.86 598.7 +129.4 2911.9 +95.60 2246.5 +67.10 1685.3 -6.23 242.7
DEC25 1.17 +283.1 5938.6 +403.2 5938.6 +193.3 4171.0 +18.58 365.8 +1.20 389.5 +11.91 600.3 +131.9 2962.7 +95.90 2253.8 +68.00 1705.0 -6.46 238.7
JAN26 1.17 +280.4 5881.1 +397.3 5881.1 +189.6 4093.0 +18.34 361.0 +1.49 390.3 +12.17 600.5 +133.3 2985.5 +95.90 2248.0 +69.20 1723.7 -6.34 236.2
4Q25 1.17 +281.5 5903.3 +402.6 5903.3 +192.2 4145.7 +18.44 362.9 +1.17 386.0 +11.94 598.0 +129.4 2910.0 +96.00 2253.1 +67.00 1682.6 -6.12 242.5
1Q26 1.17 +278.4 5836.3 +394.7 5836.3 +187.0 4038.0 +18.11 356.5 +1.66 389.1 +12.36 599.7 +134.0 2994.7 +95.40 2234.5 +71.00 1753.5 -6.10 236.4
2Q26 1.17 +278.7 5841.0 +398.6 5841.0 +186.4 4024.7 +18.02 354.6 +1.69 387.9 +12.32 597.1 +136.1 3034.0 +95.90 2242.9 +74.10 1813.2 -6.00 236.6
3Q26 1.18 +281.1 5892.6 +402.7 5892.6 +189.1 4081.3 +18.22 358.6 +1.51 388.2 +12.37 602.1 +140.3 3120.3 +93.00 2189.5 +73.80 1811.1 -6.82 224.4
4Q26 1.18 +280.1 5876.9 +404.3 5876.9 +190.4 4110.3 +18.44 363.0 +1.20 385.7 +12.40 607.9 +143.3 3184.2 +92.90 2191.7 +69.70 1734.9 -7.50 214.9
2025 1.19 +278.1 5828.2 +407.0 5828.2 +187.4 4043.5 +18.00 354.3 +1.35 380.9 +12.11 592.6 +127.5 2863.4 +97.00 2263.7 +66.30 1659.4 -5.41 247.7
2026 1.16 +279.6 5861.7 +400.1 5861.7 +188.2 4063.6 +18.20 358.2 +1.50 387.7 +12.37 601.7 +138.4 3083.3 +94.30 2214.6 +72.10 1778.2 -6.61 228.1
2027 1.18 +262.4 5383.4 +403.5 5383.4 +193.5 4027.8 +11.09 218.3 +5.47 326.0 +22.83 667.6 +167.3 3512.0 +100.9 2203.8 +77.20 1737.8 -2.38 171.5
2028 1.32 +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 2.11 - 3988.5 - - - 3392.6 - 312.6 - 332.8 - 2628.4 - - - - - - - 746.8
 
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