DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-04-20 23:00:02 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 | |||||||||||
APR25 | 1.14 | +245.8 | 5180.9 | +411.1 | 5180.9 | +176.4 | 3814.0 | +17.36 | 341.7 | +0.58 | 353.1 | +9.95 | 537.5 | +121.3 | 2729.7 | +110.2 | 2510.3 | +73.40 | 1786.6 | -6.13 | 221.1 |
MAY25 | 1.14 | +245.6 | 5194.1 | +405.0 | 5194.1 | +188.8 | 4076.0 | +18.27 | 359.6 | -0.28 | 354.1 | +9.15 | 539.8 | +120.3 | 2727.9 | +107.9 | 2484.1 | +73.00 | 1796.4 | -7.87 | 204.6 |
JUN25 | 1.15 | +247.4 | 5220.6 | +404.9 | 5220.6 | +186.0 | 4013.0 | +17.84 | 351.2 | +0.04 | 352.0 | +9.72 | 542.5 | +121.2 | 2737.1 | +107.5 | 2467.4 | +73.00 | 1789.0 | -7.24 | 208.6 |
JUL25 | 1.15 | +251.8 | 5307.2 | +402.9 | 5307.2 | +190.6 | 4101.0 | +17.77 | 349.8 | +0.04 | 350.6 | +10.29 | 552.4 | +121.9 | 2750.1 | +106.7 | 2450.3 | +72.70 | 1781.5 | -7.30 | 206.2 |
AUG25 | 1.15 | +257.0 | 5411.2 | +403.3 | 5411.2 | +193.5 | 4161.0 | +17.88 | 352.0 | +0.13 | 354.5 | +10.77 | 564.0 | +123.2 | 2777.1 | +102.8 | 2374.9 | +71.40 | 1757.4 | -7.24 | 209.4 |
SEP25 | 1.15 | +261.3 | 5501.9 | +403.7 | 5501.9 | +196.4 | 4225.0 | +18.24 | 359.1 | +0.12 | 361.4 | +10.88 | 573.2 | +124.6 | 2811.8 | +98.40 | 2295.5 | +69.80 | 1733.9 | -7.49 | 211.6 |
OCT25 | 1.15 | +265.2 | 5583.0 | +408.8 | 5583.0 | +198.1 | 4263.0 | +18.43 | 362.8 | +0.23 | 367.3 | +11.04 | 580.2 | +126.4 | 2850.0 | +95.50 | 2243.3 | +69.10 | 1722.2 | -7.62 | 212.8 |
3Q25 | 1.15 | +256.7 | 5406.8 | +403.3 | 5406.8 | +193.5 | 4162.3 | +17.97 | 353.6 | +0.09 | 355.5 | +10.65 | 563.2 | +123.2 | 2779.7 | +102.6 | 2373.6 | +71.30 | 1757.6 | -7.34 | 209.1 |
4Q25 | 1.15 | +267.9 | 5636.0 | +406.4 | 5636.0 | +197.1 | 4241.0 | +18.37 | 361.6 | +0.52 | 371.9 | +11.36 | 585.3 | +128.3 | 2887.0 | +94.80 | 2227.9 | +69.00 | 1720.0 | -7.48 | 214.4 |
1Q26 | 1.15 | +265.4 | 5578.1 | +390.9 | 5578.1 | +188.3 | 4060.7 | +17.99 | 354.2 | +1.17 | 377.2 | +12.09 | 592.2 | +134.0 | 2991.9 | +96.10 | 2246.8 | +71.20 | 1756.2 | -6.65 | 223.3 |
2Q26 | 1.16 | +265.0 | 5569.5 | +387.0 | 5569.5 | +186.4 | 4022.0 | +17.91 | 352.5 | +1.31 | 378.3 | +12.25 | 593.6 | +138.2 | 3073.3 | +96.70 | 2256.3 | +73.30 | 1795.5 | -7.16 | 211.6 |
3Q26 | 1.16 | +265.2 | 5572.3 | +386.8 | 5572.3 | +189.9 | 4089.0 | +17.85 | 351.4 | +1.10 | 373.3 | +13.70 | 621.6 | +140.8 | 3123.8 | +97.20 | 2264.0 | +73.10 | 1790.9 | -8.40 | 185.9 |
2025 | 1.15 | +257.0 | 5413.8 | +405.6 | 5413.8 | +191.4 | 4123.7 | +18.05 | 355.4 | +0.24 | 360.2 | +10.54 | 562.8 | +124.2 | 2799.4 | +102.0 | 2362.9 | +71.20 | 1756.1 | -7.30 | 211.6 |
2026 | 1.15 | +265.1 | 5570.7 | +388.6 | 5570.7 | +189.2 | 4076.1 | +17.89 | 352.2 | +1.15 | 374.7 | +13.35 | 614.9 | +138.6 | 3080.8 | +96.80 | 2258.1 | +72.20 | 1773.6 | -7.70 | 200.6 |
2027 | 1.15 | +263.7 | 5555.7 | +391.2 | 5555.7 | +196.6 | 4235.1 | +18.57 | 365.6 | +0.23 | 370.1 | +14.61 | 653.2 | +136.3 | 3049.3 | +96.60 | 2267.4 | +70.50 | 1753.5 | -9.36 | 181.4 |
2028 | 0.75 | +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 | -0.60 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
APR25 |
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MAY25 |
JUN25 |
JUL25 |
AUG25 |
SEP25 |
OCT25 |
3Q25 |
4Q25 |
1Q26 |
2Q26 |
3Q26 |
2025 |
2026 |
2027 |
2028 |
2029 |