DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-08-17 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 | |||||||||||
| SPOT | 1.17 | +259.4 | 5448.2 | +401.4 | 5448.2 | +180.3 | 3891.0 | +17.38 | 342.1 | +1.16 | 364.9 | +12.22 | 582.6 | +123.6 | 2776.0 | +103.4 | 2377.3 | +66.60 | 1653.1 | -4.13 | 260.8 |
| AUG25 | 1.17 | +250.7 | 5291.1 | +393.0 | 5291.1 | +188.7 | 4072.0 | +18.14 | 357.1 | +0.04 | 357.9 | +11.36 | 580.7 | +124.3 | 2803.0 | +99.80 | 2321.8 | +65.50 | 1646.1 | -4.72 | 264.2 |
| SEP25 | 1.17 | +254.4 | 5359.2 | +390.0 | 5359.2 | +185.7 | 4008.0 | +17.87 | 351.7 | +0.41 | 359.8 | +11.57 | 579.5 | +124.4 | 2800.2 | +100.0 | 2320.9 | +65.70 | 1645.0 | -4.49 | 263.3 |
| OCT25 | 1.17 | +255.5 | 5381.8 | +390.2 | 5381.8 | +186.5 | 4025.0 | +17.93 | 353.0 | +0.27 | 358.3 | +11.25 | 574.4 | +125.3 | 2820.1 | +97.30 | 2267.6 | +65.10 | 1634.9 | -4.58 | 262.8 |
| NOV25 | 1.17 | +257.1 | 5413.9 | +387.5 | 5413.9 | +185.9 | 4013.0 | +17.94 | 353.2 | +0.31 | 359.3 | +11.04 | 570.6 | +126.5 | 2842.7 | +96.10 | 2244.4 | +65.10 | 1635.0 | -4.87 | 257.3 |
| DEC25 | 1.18 | +256.8 | 5408.2 | +385.8 | 5408.2 | +185.1 | 3996.0 | +17.95 | 353.3 | +0.41 | 361.4 | +10.94 | 568.7 | +128.3 | 2879.7 | +96.00 | 2243.5 | +65.80 | 1647.7 | -5.26 | 249.7 |
| JAN26 | 1.18 | +257.3 | 5416.7 | +385.0 | 5416.7 | +183.9 | 3971.0 | +17.84 | 351.1 | +0.62 | 363.4 | +10.97 | 567.0 | +129.5 | 2900.7 | +96.50 | 2250.3 | +67.10 | 1672.8 | -5.37 | 245.4 |
| FEB26 | 1.18 | +255.7 | 5385.0 | +389.2 | 5385.0 | +186.1 | 4015.3 | +17.91 | 352.6 | +0.33 | 359.1 | +11.29 | 574.8 | +125.4 | 2821.0 | +97.80 | 2277.6 | +65.30 | 1638.3 | -4.65 | 261.1 |
| 4Q25 | 1.17 | +257.7 | 5424.1 | +384.9 | 5424.1 | +184.3 | 3979.0 | +17.87 | 351.7 | +0.58 | 363.1 | +10.98 | 567.8 | +129.2 | 2894.8 | +96.50 | 2250.4 | +67.20 | 1674.2 | -5.36 | 246.3 |
| 1Q26 | 1.18 | +264.6 | 5561.6 | +381.6 | 5561.6 | +185.2 | 3997.0 | +17.89 | 352.2 | +0.93 | 370.4 | +11.34 | 575.3 | +132.1 | 2952.9 | +98.30 | 2286.8 | +69.80 | 1725.2 | -5.83 | 237.4 |
| 2Q26 | 1.18 | +273.0 | 5729.1 | +395.2 | 5729.1 | +188.6 | 4067.7 | +18.05 | 355.3 | +1.23 | 379.6 | +11.77 | 587.0 | +136.5 | 3041.8 | +95.80 | 2241.6 | +70.50 | 1742.5 | -6.65 | 224.4 |
| 3Q26 | 1.19 | +277.7 | 5825.3 | +395.8 | 5825.3 | +190.4 | 4107.0 | +18.23 | 358.8 | +1.20 | 382.2 | +12.00 | 594.8 | +139.6 | 3106.3 | +94.80 | 2225.3 | +69.50 | 1726.4 | -7.30 | 214.9 |
| 4Q26 | 1.19 | +255.4 | 5378.8 | +392.4 | 5378.8 | +185.4 | 4001.8 | +17.85 | 351.4 | +0.44 | 360.0 | +11.49 | 577.6 | +124.8 | 2808.4 | +99.30 | 2306.4 | +65.60 | 1642.8 | -4.56 | 261.7 |
| 2025 | 1.17 | +268.3 | 5635.0 | +389.4 | 5635.0 | +187.1 | 4037.7 | +18.01 | 354.5 | +0.98 | 373.8 | +11.52 | 581.3 | +134.3 | 2999.0 | +96.30 | 2251.0 | +69.20 | 1717.1 | -6.29 | 230.7 |
| 2026 | 1.19 | +220.6 | 4656.5 | +332.4 | 4656.5 | +188.7 | 4029.9 | +15.99 | 314.7 | +0.25 | 319.7 | +18.55 | 679.8 | +122.4 | 2724.0 | +97.30 | 2229.0 | +71.90 | 1729.4 | -7.28 | 171.5 |
| 2027 | 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 |
| 2028 | 1.07 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| SPOT |
|---|
| AUG25 |
| SEP25 |
| OCT25 |
| NOV25 |
| DEC25 |
| JAN26 |
| FEB26 |
| 4Q25 |
| 1Q26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 2025 |
| 2026 |
| 2027 |
| 2028 |