DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2026-01-14 23:00:04 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 | |||||||||||
| SPOT | 1.17 | +142.7 | 3100.8 | +238.1 | 3100.8 | +143.2 | 3109.0 | +14.78 | 290.9 | -1.38 | 263.8 | +12.47 | 536.4 | +110.2 | 2460.7 | +83.40 | 1932.2 | +62.20 | 1515.3 | +1.52 | 320.9 |
| JAN26 | 1.17 | +148.0 | 3207.7 | +230.9 | 3207.7 | +147.7 | 3201.0 | +14.94 | 294.1 | -0.98 | 274.8 | +13.11 | 552.2 | +109.9 | 2458.0 | +83.40 | 1936.5 | +63.40 | 1541.7 | +0.38 | 301.6 |
| FEB26 | 1.17 | +151.2 | 3270.3 | +233.1 | 3270.3 | +147.7 | 3202.0 | +14.95 | 294.3 | -0.98 | 275.1 | +12.89 | 548.0 | +111.7 | 2492.5 | +83.90 | 1946.0 | +63.20 | 1538.2 | +0.37 | 301.6 |
| MAR26 | 1.17 | +163.5 | 3519.4 | +233.0 | 3519.4 | +152.9 | 3309.0 | +15.25 | 300.1 | -0.76 | 285.2 | +12.73 | 550.6 | +114.8 | 2559.5 | +84.80 | 1968.4 | +63.80 | 1555.1 | -0.76 | 285.2 |
| APR26 | 1.17 | +172.0 | 3695.8 | +235.7 | 3695.8 | +158.3 | 3426.0 | +15.71 | 309.3 | -0.98 | 290.0 | +12.12 | 547.9 | +116.3 | 2598.5 | +85.60 | 1993.4 | +64.10 | 1570.1 | -1.57 | 278.4 |
| MAY26 | 1.17 | +176.8 | 3801.0 | +241.6 | 3801.0 | +164.4 | 3557.0 | +16.29 | 320.7 | -1.37 | 293.7 | +11.54 | 547.9 | +116.9 | 2621.1 | +86.10 | 2015.5 | +63.90 | 1579.0 | -2.26 | 276.2 |
| JUN26 | 1.17 | +181.0 | 3893.6 | +243.9 | 3893.6 | +169.9 | 3674.0 | +16.78 | 330.4 | -1.56 | 299.6 | +11.14 | 549.7 | +118.7 | 2667.8 | +85.60 | 2014.5 | +63.40 | 1577.6 | -2.78 | 275.7 |
| JUL26 | 1.17 | +170.8 | 3672.1 | +236.8 | 3672.1 | +158.5 | 3430.7 | +15.75 | 310.0 | -1.04 | 289.6 | +12.13 | 548.8 | +116.0 | 2593.0 | +85.50 | 1992.4 | +63.90 | 1568.1 | -1.53 | 279.9 |
| 2Q26 | 1.17 | +184.1 | 3962.1 | +248.9 | 3962.1 | +173.7 | 3757.0 | +17.15 | 337.6 | -1.62 | 305.7 | +11.03 | 554.8 | +120.4 | 2706.7 | +84.20 | 1995.3 | +63.30 | 1582.7 | -3.10 | 276.6 |
| 3Q26 | 1.17 | +191.4 | 4114.5 | +269.5 | 4114.5 | +178.8 | 3866.7 | +17.63 | 347.1 | -1.48 | 318.0 | +11.39 | 571.3 | +126.1 | 2828.6 | +81.50 | 1950.9 | +64.40 | 1614.2 | -3.64 | 275.5 |
| 4Q26 | 1.18 | +200.7 | 4286.2 | +271.1 | 4286.2 | +174.2 | 3763.7 | +17.01 | 334.9 | -0.82 | 318.8 | +12.72 | 585.2 | +130.5 | 2904.6 | +81.60 | 1941.6 | +65.40 | 1622.8 | -4.38 | 248.7 |
| 1Q27 | 1.18 | +211.6 | 4500.9 | +271.0 | 4500.9 | +176.2 | 3804.3 | +17.03 | 335.2 | -0.90 | 317.9 | +14.30 | 616.7 | +134.5 | 2982.2 | +81.60 | 1940.8 | +65.30 | 1621.0 | -7.30 | 190.6 |
| 2Q27 | 1.18 | +173.4 | 3735.4 | +247.3 | 3735.4 | +164.3 | 3556.3 | +16.36 | 322.0 | -1.31 | 296.1 | +11.84 | 555.1 | +118.3 | 2649.7 | +83.70 | 1969.2 | +63.60 | 1574.2 | -1.88 | 285.0 |
| 2026 | 1.17 | +216.2 | 4594.9 | +270.5 | 4594.9 | +198.4 | 4243.6 | +17.20 | 338.5 | -0.87 | 321.4 | +16.17 | 656.8 | +137.1 | 3037.3 | +77.80 | 1869.6 | +60.50 | 1530.3 | -7.96 | 181.7 |
| 2027 | 1.18 | +242.2 | 5118.4 | +266.3 | 5118.4 | +315.0 | 6551.3 | +17.86 | 351.6 | -0.85 | 334.9 | +26.55 | 874.2 | +149.9 | 3301.5 | +62.00 | 1572.1 | +40.60 | 1150.9 | -10.86 | 137.9 |
| 2028 | 1.17 | +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 | 1.16 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| SPOT |
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| JAN26 |
| FEB26 |
| MAR26 |
| APR26 |
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| JUN26 |
| JUL26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 1Q27 |
| 2Q27 |
| 2026 |
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| 2028 |
| 2029 |






