DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-10-03 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 | |||||||||||
| OCT25 | 1.17 | +185.5 | 3990.4 | +313.9 | 3990.4 | +180.5 | 3891.0 | +17.17 | 338.0 | -2.41 | 290.5 | +9.78 | 530.5 | +112.6 | 2554.2 | +91.00 | 2129.3 | +60.10 | 1520.9 | -3.36 | 271.8 |
| NOV25 | 1.18 | +196.9 | 4210.8 | +314.8 | 4210.8 | +178.3 | 3845.0 | +17.06 | 335.8 | -1.84 | 299.6 | +10.21 | 536.7 | +113.6 | 2571.5 | +89.10 | 2089.8 | +60.20 | 1520.6 | -3.23 | 272.2 |
| DEC25 | 1.18 | +195.9 | 4192.5 | +310.7 | 4192.5 | +178.1 | 3842.0 | +17.10 | 336.6 | -1.86 | 299.9 | +10.09 | 535.2 | +113.5 | 2571.2 | +89.70 | 2101.6 | +60.40 | 1525.5 | -3.36 | 270.4 |
| JAN26 | 1.18 | +204.8 | 4366.5 | +312.2 | 4366.5 | +175.9 | 3799.0 | +17.06 | 335.8 | -1.34 | 309.4 | +10.23 | 537.1 | +114.6 | 2591.1 | +89.40 | 2096.1 | +61.20 | 1541.2 | -3.59 | 265.1 |
| FEB26 | 1.18 | +212.7 | 4521.0 | +312.4 | 4521.0 | +174.9 | 3777.0 | +17.01 | 334.8 | -0.89 | 317.3 | +10.29 | 537.4 | +115.8 | 2613.6 | +89.90 | 2104.1 | +62.30 | 1560.5 | -3.88 | 258.4 |
| MAR26 | 1.19 | +220.7 | 4679.1 | +312.7 | 4679.1 | +175.0 | 3780.0 | +17.01 | 334.8 | -0.57 | 323.6 | +10.32 | 537.9 | +116.8 | 2634.7 | +90.40 | 2113.9 | +63.00 | 1574.4 | -4.05 | 255.0 |
| APR26 | 1.19 | +229.7 | 4857.5 | +318.4 | 4857.5 | +176.1 | 3803.0 | +17.06 | 335.9 | -0.22 | 331.6 | +10.38 | 540.2 | +118.5 | 2667.8 | +90.90 | 2125.3 | +63.90 | 1593.0 | -4.33 | 250.6 |
| 1Q26 | 1.20 | +212.7 | 4522.2 | +312.4 | 4522.2 | +175.3 | 3785.3 | +17.03 | 335.1 | -0.93 | 316.8 | +10.28 | 537.5 | +115.7 | 2613.1 | +89.90 | 2104.7 | +62.20 | 1558.7 | -3.84 | 259.5 |
| 2Q26 | 1.20 | +235.3 | 4968.3 | +320.6 | 4968.3 | +177.5 | 3830.0 | +17.09 | 336.4 | +0.05 | 337.4 | +10.61 | 545.4 | +120.0 | 2698.5 | +91.40 | 2134.6 | +64.50 | 1606.4 | -4.81 | 241.8 |
| 3Q26 | 1.20 | +247.0 | 5202.9 | +332.2 | 5202.9 | +183.8 | 3959.0 | +17.33 | 341.2 | +0.47 | 350.5 | +11.05 | 558.7 | +126.3 | 2827.6 | +90.40 | 2119.9 | +65.20 | 1625.3 | -6.01 | 222.9 |
| 4Q26 | 1.21 | +246.7 | 5200.2 | +342.3 | 5200.2 | +185.6 | 3998.0 | +17.51 | 344.7 | +0.49 | 354.3 | +11.45 | 570.0 | +130.0 | 2904.3 | +90.10 | 2119.1 | +64.50 | 1614.6 | -6.66 | 213.6 |
| 1Q27 | 1.21 | +231.8 | 4905.0 | +343.6 | 4905.0 | +185.2 | 3987.0 | +17.40 | 342.4 | -0.40 | 334.6 | +15.00 | 638.4 | +133.4 | 2967.9 | +90.50 | 2123.1 | +64.70 | 1615.9 | -8.10 | 182.4 |
| 2025 | 1.21 | +192.8 | 4131.2 | +313.1 | 4131.2 | +179.0 | 3859.3 | +17.11 | 336.8 | -2.04 | 296.7 | +10.02 | 534.1 | +113.2 | 2565.6 | +89.90 | 2106.9 | +60.20 | 1522.3 | -3.32 | 271.5 |
| 2026 | 1.22 | +235.4 | 4973.4 | +326.9 | 4973.4 | +180.5 | 3893.1 | +17.24 | 339.4 | +0.02 | 339.7 | +10.85 | 552.9 | +123.0 | 2760.9 | +90.40 | 2119.6 | +64.10 | 1601.3 | -5.33 | 234.5 |
| 2027 | 1.22 | +220.2 | 4689.1 | +349.7 | 4689.1 | +188.0 | 4055.7 | +18.02 | 354.7 | -1.57 | 323.9 | +16.13 | 672.3 | +141.6 | 3142.5 | +90.10 | 2127.3 | +64.20 | 1619.1 | -9.77 | 162.5 |
| 2028 | 1.22 | +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 | 1.22 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| OCT25 |
|---|
| NOV25 |
| DEC25 |
| JAN26 |
| FEB26 |
| MAR26 |
| APR26 |
| 1Q26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 1Q27 |
| 2025 |
| 2026 |
| 2027 |
| 2028 |
| 2029 |