Agriculture

Coming November 23* [eyebrow]

European Dairy Futures and Options

Comprehensive risk management tools for the European dairy markets

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https://www.cmegroup.com/content/dam/cmegroup/markets/agriculture/files/european-dairy-indices-leadspace-video-1440.mp4

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Unlock global opportunities

Gain transparent price discovery and powerful hedging tools to safeguard your bottom line in an evolving global market.

Deep liquidity powered by a diverse global network

Trade alongside a broad spectrum of market participants, ensuring tighter spreads, efficient execution and continuous liquidity.

Efficient margining with precision spreading

Capture regional relative value and execute inter-commodity or calendar spreads seamlessly in a single trade.

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As global population growth drives demand for nutrient-dense dairy ingredients, price risk management has become essential for market participants. Europe plays a central role in this global supply chain, serving both intra-EU trade and international markets. To support the industry, CME Group is partnering with European Energy Exchange (EEX) to add European Dairy products to its portfolio, expanding risk management tools alongside the flagship U.S. offerings.
*Pending regulatory review
Resources

Press Release [link-bold]
FAQ [link-bold]
EEX Dairy Products [link-bold]

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Frequently asked questions for European Dairy products

What products will be available?
Futures and options will be available on European Skimmed Milk Powder, European Butter, European Whey Powder and European Liquid Milk.
How are the contracts priced?

European Skimmed Milk Powder, European Butter and European Whey Powder futures will be financially settled to indices that are calculated and published by EEX as an unweighted average of price assessments for Germany, France and the Netherlands. The indices reflect the market price of the referenced products within the European Economic Area.

European Liquid Milk futures will settle to the European Liquid Milk Index as calculated and published by EEX for which the underlying data is the German price (Preis für konventionell erzeugte Kuhmilch, bei 4,0 % Fettgehalt und 3,4 % Eiweißgehalt, ab Hof) of the Bundesanstalt für Landwirtschaft und Ernährung (BLE).

**See more information on the respective indices.

What are the contract specifications?
See the full FAQ for product specifications.
Will CME Group be offering additional European Dairy Indices?
Yes. We are partnering with EEX to transition the Weekly European Cheese Indices and the Pan European Butter Index to CME Group. These will continue to be available to the industry through EEX for the immediate future, but we are in the process of carrying out this transition and will be communicating to the industry further details on timing for the succession of the indices from EEX to CME Group.
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