DAIRY PRODUCTS in US$/mT
Comparative Dairies between US, Europe and New Zealand. Basis in CWT/$.
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last update: 2025-11-06 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 | +159.9 | 3484.4 | +287.1 | 3484.4 | +178.9 | 3858.0 | +17.14 | 337.4 | -3.48 | 268.9 | +9.05 | 515.5 | +105.3 | 2410.2 | +81.30 | 1938.6 | +55.90 | 1437.8 | -2.65 | 285.3 |
| DEC25 | 1.16 | +162.7 | 3538.4 | +276.6 | 3538.4 | +168.1 | 3646.0 | +17.09 | 336.4 | -3.37 | 270.1 | +9.09 | 515.3 | +106.0 | 2422.4 | +81.10 | 1933.3 | +56.80 | 1454.9 | -1.48 | 307.3 |
| JAN26 | 1.16 | +163.0 | 3541.5 | +273.6 | 3541.5 | +169.6 | 3673.0 | +16.95 | 333.7 | -3.25 | 269.8 | +9.11 | 513.0 | +106.3 | 2425.6 | +81.60 | 1939.3 | +57.00 | 1456.4 | -1.61 | 302.1 |
| FEB26 | 1.16 | +167.2 | 3618.3 | +274.6 | 3618.3 | +164.6 | 3567.0 | +16.63 | 327.4 | -2.86 | 271.2 | +9.14 | 507.4 | +107.9 | 2452.0 | +82.00 | 1941.1 | +57.80 | 1464.8 | -1.09 | 305.9 |
| MAR26 | 1.16 | +174.0 | 3749.7 | +277.5 | 3749.7 | +164.4 | 3562.0 | +16.54 | 325.6 | -2.52 | 275.9 | +9.09 | 504.5 | +109.7 | 2485.1 | +82.60 | 1951.3 | +58.00 | 1467.4 | -1.18 | 302.3 |
| APR26 | 1.17 | +182.4 | 3919.1 | +285.6 | 3919.1 | +166.1 | 3597.0 | +16.66 | 327.9 | -2.21 | 284.3 | +9.09 | 506.9 | +111.7 | 2527.0 | +83.30 | 1966.7 | +58.20 | 1474.5 | -1.46 | 299.2 |
| MAY26 | 1.17 | +189.3 | 4055.6 | +290.5 | 4055.6 | +167.7 | 3632.0 | +16.76 | 330.0 | -1.90 | 292.6 | +9.32 | 513.4 | +113.7 | 2568.4 | +84.40 | 1990.9 | +58.90 | 1490.1 | -1.76 | 295.4 |
| 1Q26 | 1.17 | +168.0 | 3636.5 | +275.2 | 3636.5 | +166.2 | 3600.7 | +16.71 | 328.9 | -2.88 | 272.3 | +9.11 | 508.3 | +108.0 | 2454.2 | +82.00 | 1943.9 | +57.60 | 1462.9 | -1.29 | 303.4 |
| 2Q26 | 1.17 | +189.6 | 4061.9 | +291.3 | 4061.9 | +168.0 | 3637.0 | +16.76 | 329.9 | -1.90 | 292.6 | +9.35 | 514.0 | +113.7 | 2568.2 | +84.30 | 1990.0 | +58.90 | 1488.3 | -1.81 | 294.2 |
| 3Q26 | 1.18 | +208.6 | 4446.2 | +310.2 | 4446.2 | +177.4 | 3832.3 | +17.28 | 340.2 | -1.25 | 315.5 | +10.08 | 538.5 | +121.4 | 2730.0 | +83.90 | 1990.9 | +60.30 | 1527.4 | -3.78 | 265.7 |
| 4Q26 | 1.18 | +217.7 | 4631.1 | +318.1 | 4631.1 | +181.3 | 3913.7 | +17.57 | 345.8 | -0.60 | 333.9 | +10.88 | 559.9 | +125.8 | 2821.9 | +84.00 | 1999.6 | +61.70 | 1559.6 | -5.01 | 247.2 |
| 1Q27 | 1.19 | +224.5 | 4762.2 | +324.8 | 4762.2 | +180.7 | 3899.0 | +17.40 | 342.6 | -0.60 | 330.3 | +12.50 | 588.0 | +129.1 | 2884.5 | +84.10 | 1998.0 | +62.10 | 1565.1 | -6.70 | 210.2 |
| 2025 | 1.19 | +161.3 | 3511.4 | +281.9 | 3511.4 | +173.5 | 3752.0 | +17.12 | 336.9 | -3.42 | 269.5 | +9.07 | 515.4 | +105.6 | 2416.3 | +81.20 | 1936.0 | +56.40 | 1446.4 | -2.06 | 296.3 |
| 2026 | 1.19 | +196.0 | 4193.9 | +298.7 | 4193.9 | +173.2 | 3745.9 | +17.08 | 336.2 | -1.66 | 303.6 | +9.85 | 530.2 | +117.2 | 2643.6 | +83.60 | 1981.1 | +59.60 | 1509.6 | -2.97 | 277.6 |
| 2027 | 1.20 | +220.3 | 4678.8 | +327.9 | 4678.8 | +189.5 | 4072.8 | +17.43 | 343.0 | -0.87 | 326.0 | +16.97 | 677.1 | +136.7 | 3033.3 | +84.70 | 2010.8 | +62.30 | 1569.6 | -8.72 | 171.4 |
| 2028 | 1.20 | +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 | 1.20 | - | 3988.5 | - | - | - | 3392.6 | - | 312.6 | - | 332.8 | - | 2628.4 | - | - | - | - | - | - | - | 746.8 |
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