DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-11-05 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 | |||||||||||
| NOV25 | 1.15 | +162.1 | 3527.4 | +285.3 | 3527.4 | +178.2 | 3843.0 | +17.08 | 336.2 | -3.42 | 268.9 | +9.19 | 517.1 | +104.5 | 2392.6 | +82.00 | 1949.9 | +56.10 | 1440.5 | -2.56 | 285.8 |
| DEC25 | 1.15 | +161.4 | 3510.3 | +275.2 | 3510.3 | +167.6 | 3633.0 | +16.98 | 334.2 | -2.99 | 275.4 | +9.06 | 512.6 | +105.7 | 2415.3 | +82.10 | 1949.3 | +57.20 | 1460.6 | -1.67 | 301.3 |
| JAN26 | 1.15 | +162.2 | 3524.4 | +274.1 | 3524.4 | +169.2 | 3662.0 | +16.88 | 332.3 | -3.02 | 272.9 | +9.13 | 512.0 | +105.9 | 2416.9 | +82.30 | 1952.1 | +57.10 | 1457.0 | -1.75 | 297.9 |
| FEB26 | 1.15 | +164.4 | 3562.6 | +276.7 | 3562.6 | +164.6 | 3566.0 | +16.59 | 326.5 | -2.68 | 273.7 | +9.23 | 508.1 | +107.9 | 2451.4 | +82.70 | 1954.3 | +57.70 | 1462.0 | -1.18 | 303.2 |
| MAR26 | 1.15 | +170.6 | 3682.7 | +276.7 | 3682.7 | +164.8 | 3568.0 | +16.49 | 324.6 | -2.41 | 277.1 | +9.34 | 508.4 | +110.1 | 2491.1 | +83.30 | 1963.9 | +58.10 | 1468.9 | -1.12 | 302.5 |
| APR26 | 1.16 | +180.5 | 3878.3 | +286.6 | 3878.3 | +166.5 | 3604.0 | +16.57 | 326.2 | -2.10 | 284.8 | +9.39 | 511.0 | +111.9 | 2529.0 | +84.10 | 1982.1 | +58.80 | 1483.4 | -1.41 | 298.5 |
| MAY26 | 1.16 | +188.7 | 4042.4 | +291.6 | 4042.4 | +168.1 | 3637.0 | +16.69 | 328.6 | -1.82 | 292.8 | +9.46 | 514.9 | +113.3 | 2558.4 | +85.10 | 2004.4 | +59.40 | 1497.3 | -1.74 | 294.4 |
| 1Q26 | 1.16 | +165.7 | 3589.9 | +275.8 | 3589.9 | +166.2 | 3598.7 | +16.65 | 327.8 | -2.70 | 274.6 | +9.23 | 509.5 | +108.0 | 2453.1 | +82.80 | 1956.8 | +57.70 | 1462.6 | -1.35 | 301.2 |
| 2Q26 | 1.15 | +188.4 | 4036.5 | +292.3 | 4036.5 | +168.3 | 3641.7 | +16.70 | 328.8 | -1.83 | 292.8 | +9.50 | 515.8 | +113.2 | 2556.2 | +85.00 | 2001.6 | +59.20 | 1494.9 | -1.77 | 294.0 |
| 3Q26 | 1.16 | +208.0 | 4433.9 | +311.9 | 4433.9 | +177.4 | 3831.7 | +17.29 | 340.3 | -1.20 | 316.7 | +10.01 | 537.4 | +120.0 | 2701.7 | +83.70 | 1987.3 | +60.20 | 1524.9 | -3.73 | 266.8 |
| 4Q26 | 1.16 | +220.7 | 4691.0 | +319.0 | 4691.0 | +181.4 | 3917.0 | +17.57 | 345.9 | -0.54 | 335.2 | +10.85 | 559.5 | +125.2 | 2811.3 | +83.80 | 1994.8 | +61.50 | 1555.6 | -5.01 | 247.2 |
| 1Q27 | 1.17 | +225.6 | 4783.9 | +326.6 | 4783.9 | +181.4 | 3913.7 | +17.40 | 342.5 | -0.60 | 331.2 | +12.50 | 588.0 | +128.5 | 2871.9 | +83.90 | 1994.3 | +61.90 | 1560.9 | -6.70 | 210.2 |
| 2025 | 1.17 | +161.7 | 3518.9 | +280.2 | 3518.9 | +172.9 | 3738.0 | +17.03 | 335.2 | -3.20 | 272.2 | +9.13 | 514.9 | +105.1 | 2404.0 | +82.00 | 1949.6 | +56.70 | 1450.6 | -2.12 | 293.6 |
| 2026 | 1.15 | +195.7 | 4187.8 | +299.8 | 4187.8 | +173.3 | 3747.3 | +17.05 | 335.7 | -1.57 | 304.8 | +9.90 | 530.6 | +116.6 | 2630.6 | +83.80 | 1985.1 | +59.60 | 1509.5 | -2.97 | 277.3 |
| 2027 | 1.16 | +220.5 | 4684.3 | +327.0 | 4684.3 | +190.0 | 4082.4 | +17.42 | 343.0 | -0.85 | 326.2 | +16.97 | 677.1 | +134.4 | 2988.5 | +84.60 | 2007.7 | +62.10 | 1565.1 | -8.72 | 171.4 |
| 2028 | 1.16 | +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 | 1.13 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
| NOV25 |
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