DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2026-01-15 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 | |||||||||||
| SPOT | 1.16 | +142.7 | 3098.6 | +237.8 | 3098.6 | +142.8 | 3100.0 | +14.73 | 289.9 | -1.33 | 263.8 | +12.52 | 536.4 | +110.1 | 2457.2 | +83.20 | 1926.8 | +62.00 | 1511.0 | +1.58 | 321.0 |
| JAN26 | 1.16 | +148.4 | 3213.2 | +230.7 | 3213.2 | +146.9 | 3183.0 | +14.84 | 292.1 | -0.88 | 274.8 | +13.17 | 551.3 | +113.6 | 2528.5 | +82.80 | 1922.4 | +63.70 | 1546.6 | +0.60 | 303.9 |
| FEB26 | 1.16 | +151.7 | 3277.8 | +229.5 | 3277.8 | +147.1 | 3187.0 | +14.85 | 292.3 | -0.90 | 274.6 | +12.91 | 546.4 | +112.7 | 2510.9 | +83.10 | 1928.2 | +63.50 | 1541.4 | +0.56 | 303.3 |
| MAR26 | 1.16 | +164.3 | 3532.0 | +228.7 | 3532.0 | +152.1 | 3292.0 | +15.11 | 297.5 | -0.68 | 284.2 | +12.64 | 546.4 | +114.3 | 2547.4 | +83.10 | 1932.9 | +64.00 | 1557.5 | -0.53 | 287.0 |
| APR26 | 1.16 | +172.4 | 3700.8 | +233.2 | 3700.8 | +157.7 | 3411.0 | +15.61 | 307.3 | -0.91 | 289.3 | +11.87 | 540.9 | +115.7 | 2584.8 | +83.80 | 1957.7 | +64.30 | 1572.2 | -1.42 | 279.3 |
| MAY26 | 1.17 | +176.8 | 3799.2 | +236.5 | 3799.2 | +163.9 | 3545.0 | +16.21 | 319.1 | -1.30 | 293.6 | +11.24 | 540.4 | +117.0 | 2621.3 | +84.40 | 1980.5 | +64.10 | 1581.1 | -2.26 | 274.7 |
| JUN26 | 1.17 | +180.6 | 3883.9 | +241.8 | 3883.9 | +169.4 | 3663.0 | +16.71 | 328.9 | -1.51 | 299.1 | +11.00 | 545.5 | +118.3 | 2658.0 | +83.60 | 1974.5 | +63.50 | 1579.6 | -2.88 | 272.2 |
| JUL26 | 1.17 | +171.2 | 3677.3 | +232.8 | 3677.3 | +157.9 | 3416.0 | +15.65 | 308.0 | -0.96 | 289.0 | +11.92 | 542.6 | +115.7 | 2584.5 | +83.80 | 1957.0 | +64.10 | 1570.3 | -1.40 | 280.3 |
| 2Q26 | 1.17 | +183.5 | 3948.6 | +247.0 | 3948.6 | +173.3 | 3748.0 | +17.09 | 336.4 | -1.64 | 304.1 | +10.97 | 552.4 | +119.6 | 2689.9 | +82.20 | 1954.1 | +63.40 | 1584.2 | -3.16 | 274.2 |
| 3Q26 | 1.17 | +191.2 | 4110.3 | +259.3 | 4110.3 | +178.6 | 3862.3 | +17.57 | 345.8 | -1.50 | 316.3 | +11.24 | 567.0 | +124.9 | 2803.6 | +81.10 | 1942.5 | +64.50 | 1615.4 | -3.54 | 276.1 |
| 4Q26 | 1.17 | +200.8 | 4286.2 | +270.9 | 4286.2 | +173.8 | 3753.0 | +16.91 | 332.8 | -0.72 | 318.5 | +12.80 | 584.7 | +130.4 | 2900.6 | +81.80 | 1942.9 | +65.60 | 1623.9 | -4.26 | 249.0 |
| 1Q27 | 1.18 | +210.6 | 4479.3 | +270.7 | 4479.3 | +176.1 | 3799.7 | +16.97 | 334.1 | -0.80 | 317.9 | +14.40 | 616.7 | +134.3 | 2978.5 | +81.70 | 1941.9 | +65.40 | 1622.0 | -7.30 | 190.6 |
| 2Q27 | 1.18 | +173.4 | 3733.2 | +243.0 | 3733.2 | +163.9 | 3545.8 | +16.28 | 320.4 | -1.28 | 295.1 | +11.75 | 551.7 | +118.1 | 2644.2 | +82.50 | 1944.9 | +63.80 | 1575.7 | -1.80 | 285.0 |
| 2026 | 1.17 | +215.9 | 4589.5 | +270.0 | 4589.5 | +198.0 | 4236.2 | +17.21 | 338.8 | -0.88 | 321.4 | +16.15 | 656.7 | +136.8 | 3032.4 | +77.80 | 1870.6 | +60.60 | 1531.1 | -7.80 | 185.2 |
| 2027 | 1.18 | +241.8 | 5118.4 | +264.5 | 5118.4 | +313.4 | 6528.5 | +18.23 | 358.9 | -1.22 | 334.9 | +26.18 | 874.2 | +148.7 | 3285.2 | +61.70 | 1572.5 | +40.20 | 1151.1 | -11.80 | 126.7 |
| 2028 | 1.15 | +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 | 1.10 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| SPOT |
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| JAN26 |
| FEB26 |
| MAR26 |
| APR26 |
| MAY26 |
| JUN26 |
| JUL26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 1Q27 |
| 2Q27 |
| 2026 |
| 2027 |
| 2028 |
| 2029 |






