DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-10-10 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 | 1.16 | +175.7 | 3792.0 | +307.7 | 3792.0 | +177.8 | 3832.0 | +16.90 | 332.7 | -2.56 | 282.3 | +9.83 | 526.2 | +111.0 | 2517.2 | +89.50 | 2095.3 | +58.10 | 1477.0 | -3.15 | 270.6 |
| NOV25 | 1.16 | +181.9 | 3902.2 | +300.9 | 3902.2 | +171.1 | 3688.0 | +16.30 | 320.9 | -1.80 | 285.4 | +10.26 | 522.8 | +112.7 | 2538.7 | +88.80 | 2069.2 | +58.70 | 1477.1 | -2.54 | 271.0 |
| DEC25 | 1.16 | +182.1 | 3909.5 | +291.9 | 3909.5 | +172.1 | 3712.0 | +16.50 | 324.7 | -2.06 | 284.2 | +10.03 | 522.2 | +112.3 | 2535.4 | +89.30 | 2081.6 | +58.80 | 1481.6 | -2.83 | 268.9 |
| JAN26 | 1.17 | +189.3 | 4048.2 | +292.8 | 4048.2 | +168.8 | 3646.0 | +16.39 | 322.6 | -1.84 | 286.3 | +9.91 | 517.7 | +113.2 | 2551.8 | +89.10 | 2076.6 | +59.30 | 1489.5 | -2.94 | 264.8 |
| FEB26 | 1.17 | +197.0 | 4200.8 | +296.3 | 4200.8 | +168.6 | 3642.0 | +16.43 | 323.4 | -1.62 | 291.5 | +9.72 | 514.8 | +114.2 | 2571.7 | +89.30 | 2080.5 | +60.00 | 1504.7 | -3.21 | 260.2 |
| MAR26 | 1.18 | +206.0 | 4382.0 | +299.0 | 4382.0 | +170.3 | 3678.0 | +16.57 | 326.1 | -1.38 | 299.0 | +9.62 | 515.5 | +114.8 | 2585.5 | +89.30 | 2084.7 | +60.50 | 1517.7 | -3.55 | 256.2 |
| APR26 | 1.17 | +215.7 | 4574.7 | +302.8 | 4574.7 | +173.1 | 3737.0 | +16.75 | 329.7 | -1.01 | 309.9 | +9.65 | 519.7 | +116.2 | 2617.2 | +89.50 | 2091.5 | +61.50 | 1539.6 | -4.01 | 250.8 |
| 1Q26 | 1.18 | +197.4 | 4210.3 | +296.0 | 4210.3 | +169.2 | 3655.3 | +16.46 | 324.0 | -1.61 | 292.3 | +9.75 | 516.0 | +114.1 | 2569.7 | +89.20 | 2080.6 | +59.90 | 1504.0 | -3.23 | 260.4 |
| 2Q26 | 1.18 | +219.6 | 4654.8 | +305.7 | 4654.8 | +175.2 | 3779.3 | +16.84 | 331.5 | -0.61 | 319.5 | +9.92 | 526.8 | +117.7 | 2649.1 | +89.90 | 2101.7 | +62.40 | 1560.2 | -4.37 | 245.4 |
| 3Q26 | 1.18 | +233.8 | 4943.1 | +329.3 | 4943.1 | +182.8 | 3938.0 | +17.28 | 340.2 | +0.05 | 341.2 | +10.62 | 549.3 | +126.1 | 2821.5 | +88.30 | 2077.8 | +62.40 | 1568.6 | -5.83 | 225.3 |
| 4Q26 | 1.19 | +240.8 | 5083.6 | +337.4 | 5083.6 | +185.4 | 3994.7 | +17.49 | 344.4 | +0.21 | 348.4 | +11.16 | 564.1 | +128.4 | 2871.7 | +87.50 | 2066.4 | +63.30 | 1589.7 | -6.64 | 213.6 |
| 1Q27 | 1.19 | +230.0 | 4869.9 | +339.7 | 4869.9 | +184.5 | 3974.7 | +17.39 | 342.3 | -0.50 | 332.8 | +13.00 | 597.3 | +131.5 | 2930.1 | +87.90 | 2073.2 | +63.70 | 1595.6 | -8.10 | 182.4 |
| 2025 | 1.19 | +179.9 | 3867.9 | +300.2 | 3867.9 | +173.6 | 3744.0 | +16.57 | 326.1 | -2.14 | 284.0 | +10.04 | 523.7 | +112.0 | 2530.4 | +89.20 | 2082.0 | +58.50 | 1478.6 | -2.84 | 270.2 |
| 2026 | 1.20 | +222.9 | 4722.9 | +317.1 | 4722.9 | +178.2 | 3841.8 | +17.02 | 335.0 | -0.49 | 325.3 | +10.37 | 539.1 | +121.6 | 2728.0 | +88.70 | 2081.6 | +62.00 | 1555.6 | -5.02 | 236.2 |
| 2027 | 1.20 | +219.9 | 4680.3 | +358.9 | 4680.3 | +190.1 | 4092.3 | +17.83 | 351.0 | -1.40 | 323.4 | +14.08 | 628.1 | +146.1 | 3226.2 | +87.70 | 2078.3 | +63.40 | 1599.6 | -9.58 | 162.5 |
| 2028 | 1.21 | +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 | 1.21 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| OCT25 |
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| NOV25 |
| DEC25 |
| JAN26 |
| FEB26 |
| MAR26 |
| APR26 |
| 1Q26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 1Q27 |
| 2025 |
| 2026 |
| 2027 |
| 2028 |
| 2029 |