DAIRY PRODUCTS in EUR/mT
Comparative Dairies between US, Europe and New Zealand. Basis Calculated in Cwt/$..
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last update: 2025-10-05 23:00:03 GMT
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| US | DE | US | US | US | US | DE | US | NZ | NZ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| European Euro | Butter Cash Settled | Eurex Butter | Cheddar Cheese Cash Settled | Class 3 Composite | Class 4 Composite | Nonfat Dry Composite | Eurex Skimmed Milk Powder | Whey, Dry, Electronic | Whole Milk Powder | Skimmed Milk Powder | |||||||||||
| Pips | CMG | EUREX | CMG | CME | GLOBEX | GLOBEX | EUREX | GLOBEX | NZF | NZF | |||||||||||
| DA basis | EUR/mT | DA Basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | DA basis | EUR/mT | ||
| Swap | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | $/cwt | Outright | |
| EUR | C3CBE | FBUTE | C3CSCE | C3QDAE | C3GDKE | C3GNFE | FSMPE | C3DYE | WMPE | SMPE | |||||||||||
| SPOT | 1.17 | +185.5 | 3398.0 | +313.9 | 6517.6 | +180.5 | 3891.0 | +17.17 | 338.0 | -2.41 | 290.5 | +9.78 | 530.5 | +112.6 | 2554.2 | -3.36 | 271.8 | +91.00 | 2129.3 | +60.10 | 1520.9 |
| OCT25 | 1.17 | +196.9 | 3577.9 | +314.8 | 6531.8 | +178.3 | 3845.0 | +17.06 | 335.8 | -1.84 | 299.6 | +10.21 | 536.7 | +113.6 | 2571.5 | -3.23 | 272.2 | +89.10 | 2089.8 | +60.20 | 1520.6 |
| NOV25 | 1.17 | +195.9 | 3557.0 | +310.7 | 6452.9 | +178.1 | 3842.0 | +17.10 | 336.6 | -1.86 | 299.9 | +10.09 | 535.2 | +113.5 | 2571.2 | -3.36 | 270.4 | +89.70 | 2101.6 | +60.40 | 1525.5 |
| DEC25 | 1.17 | +204.8 | 3703.6 | +312.2 | 6480.7 | +175.9 | 3799.0 | +17.06 | 335.8 | -1.34 | 309.4 | +10.23 | 537.1 | +114.6 | 2591.1 | -3.59 | 265.1 | +89.40 | 2096.1 | +61.20 | 1541.2 |
| JAN26 | 1.18 | +212.7 | 3817.1 | +312.4 | 6484.5 | +174.9 | 3777.0 | +17.01 | 334.8 | -0.89 | 317.3 | +10.29 | 537.4 | +115.8 | 2613.6 | -3.88 | 258.4 | +89.90 | 2104.1 | +62.30 | 1560.5 |
| FEB26 | 1.18 | +220.7 | 3935.3 | +312.7 | 6490.4 | +175.0 | 3780.0 | +17.01 | 334.8 | -0.57 | 323.6 | +10.32 | 537.9 | +116.8 | 2634.7 | -4.05 | 255.0 | +90.40 | 2113.9 | +63.00 | 1574.4 |
| MAR26 | 1.18 | +229.7 | 4076.6 | +318.4 | 6603.0 | +176.1 | 3803.0 | +17.06 | 335.9 | -0.22 | 331.6 | +10.38 | 540.2 | +118.5 | 2667.8 | -4.33 | 250.6 | +90.90 | 2125.3 | +63.90 | 1593.0 |
| APR26 | 1.18 | +212.7 | 3779.8 | +312.4 | 6485.2 | +175.3 | 3785.3 | +17.03 | 335.1 | -0.93 | 316.8 | +10.28 | 537.5 | +115.7 | 2613.1 | -3.84 | 259.5 | +89.90 | 2104.7 | +62.20 | 1558.7 |
| 1Q26 | 1.18 | +235.3 | 4146.0 | +320.6 | 6646.4 | +177.5 | 3830.0 | +17.09 | 336.4 | +0.05 | 337.4 | +10.61 | 545.4 | +120.0 | 2698.5 | -4.81 | 241.8 | +91.40 | 2134.6 | +64.50 | 1606.4 |
| 2Q26 | 1.18 | +247.0 | 4329.1 | +332.2 | 6880.6 | +183.8 | 3959.0 | +17.33 | 341.2 | +0.47 | 350.5 | +11.05 | 558.7 | +126.3 | 2827.6 | -6.01 | 222.9 | +90.40 | 2119.9 | +65.20 | 1625.3 |
| 3Q26 | 1.19 | +246.7 | 4314.3 | +342.3 | 7082.5 | +185.6 | 3998.0 | +17.51 | 344.7 | +0.49 | 354.3 | +11.45 | 570.0 | +130.0 | 2904.3 | -6.66 | 213.6 | +90.10 | 2119.1 | +64.50 | 1614.6 |
| 4Q26 | 1.19 | +231.8 | 4058.2 | +343.6 | 7106.3 | +185.2 | 3987.0 | +17.40 | 342.4 | -0.40 | 334.6 | +15.00 | 638.4 | +133.4 | 2967.9 | -8.10 | 182.4 | +90.50 | 2123.1 | +64.70 | 1615.9 |
| 1Q27 | 1.19 | +192.8 | 3409.0 | +313.1 | 6500.8 | +179.0 | 3859.3 | +17.11 | 336.8 | -2.04 | 296.7 | +10.02 | 534.1 | +113.2 | 2565.6 | -3.32 | 271.5 | +89.90 | 2106.9 | +60.20 | 1522.3 |
| 2025 | 1.17 | +235.4 | 4092.7 | +326.9 | 6773.7 | +180.5 | 3893.1 | +17.24 | 339.4 | +0.02 | 339.7 | +10.85 | 552.9 | +123.0 | 2760.9 | -5.33 | 234.5 | +90.40 | 2119.6 | +64.10 | 1601.3 |
| 2026 | 1.19 | +220.2 | 3848.1 | +349.7 | 7237.9 | +188.0 | 4055.7 | +18.02 | 354.7 | -1.57 | 323.9 | +16.13 | 672.3 | +141.6 | 3142.5 | -9.77 | 162.5 | +90.10 | 2127.3 | +64.20 | 1619.1 |
| 2027 | 1.19 | +230.8 | 4079.1 | +592.8 | 10531 | -36.10 | -676.9 | -1.88 | -33.40 | +16.23 | 255.8 | +30.23 | 505.3 | +175.4 | 3092.5 | +2.97 | 19.40 | +113.2 | 1984.8 | +109.7 | 1921.0 |
| 2028 | 1.15 | - | 4461.1 | - | 10628 | - | 3794.6 | - | 349.7 | - | 372.3 | - | 2939.9 | - | - | - | 835.3 | - | - | - | - |
| SPOT |
|---|
| OCT25 |
| NOV25 |
| DEC25 |
| JAN26 |
| FEB26 |
| MAR26 |
| APR26 |
| 1Q26 |
| 2Q26 |
| 3Q26 |
| 4Q26 |
| 1Q27 |
| 2025 |
| 2026 |
| 2027 |
| 2028 |






