CME Group is launching European Skimmed Milk Powder, European Butter, European Whey Powder and European Liquid Milk futures and options (collectively, European Dairy futures and options) on November 23, 2026.* The European Dairy futures are financially settled to the respective index as calculated and published by EEX** on the final settlement date. Options on the European futures exercise into European Dairy futures.

 *Pending regulatory review
**See more information on the respective indices at https://www.eex.com/en/market-data/indices-benchmark/indices

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The first trading day will be November 23, 2026. Consecutive monthly contracts are listed for 20 months, beginning with the December 2026 contract.

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The product codes for European Dairy futures and options are as follows:

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The contract is listed in the U.S. by the CME DCM and cleared in the U.S. by CME Clearing. The regulator is the CFTC.

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There is no physical delivery in the settlement of European Dairy futures. All contracts open as of the termination of trading will be financially settled based upon the respective index for the day on which trading terminates.

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European Dairy futures and options daily settlement is calculated using all relevant market data available through 6:00 p.m. CET. 

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The last trading day for European Skimmed Milk Powder, European Butter and European Whey Powder futures and options is the last Wednesday of the respective maturity month for all months other than December. (If this is not a trading day, the preceding exchange trading day shall be the last trading day.) The last trading day for European Skimmed Milk Powder, European Butter and European Whey Powder in December is the third Wednesday of the month in the maturity month of December. (If this is not a trading day, the following exchange trading day shall be the last trading day.)

The last trading day for European Liquid Milk futures and options is the 20th calendar day of the month. If this day is a weekend day or public holiday, the following exchange day is the last day of trading.

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There are no daily price limits for these contracts. There is a daily circuit breaker set at 10%.

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The contracts will be available for trading on the Globex electronic trading platform and for submission for clearing via CME ClearPort.

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Subject to certain requirements, such as eligibility and minimum size, the futures and options contracts can be privately negotiated via brokers as block trades and submitted into CME ClearPort for clearing.

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There are minimum quantity and reporting time requirements. The minimum block size is two lots and trades need to be reported within 15 minutes of execution.

Firms need to be classified as an eligible contract participant (ECP) to engage in block trades. The definition of ECP can be found in Section 1a(18) of the Commodity Exchange Act.

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Yes. As with current Dairy futures, RFQ  + RFC (R-Cross), committed cross (C-Cross) and Globex cross (G-Cross) are permitted crossing protocols for participants who engage in pre-execution communications pursuant to Rule 539. Pre-execution communications allow for size, price and direction to be discussed prior to the entry of orders into Globex. For more information see Crossing Protocol.

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Trades may be entered on Globex Monday – Friday: 8:55 a.m. to 8:15 p.m. CET; until 12:00 p.m. CET on the last trading day.

Trades may be entered on CME ClearPort Monday 8:55 p.m. to Friday 5:45 p.m. CT with no reporting available Monday to Thursday from 5:45 p.m. CT to 6:00 p.m. CT.

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Contact us with questions at dairy@cmegroup.com.

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