Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| GlobalDairyTrade, New Zealand | physical_fob | Frozen salted butter, min 80% milkfat, typical 25 kg export blocks; Oceania FOB prices based on quantity-weighted average of winning bids.[3] | USD/MT | 5850–6130 | Nov 2025 | — |
| European Union (Germany/Netherlands reference) | physical_fob | Bulk 82% fat sweet cream butter, EU origin, ex‑works or FOB EU ports; price level inferred from EU spot and futures assessments.[2] | USD/MT | 3900–4200 | Nov 2025 | — |
| CME Group, U.S.Headline | futures | Cash-settled against USDA Grade AA 80% butter price, 40,000 lb contract size; used as U.S. reference for physical contracts.[4] | USD/MT | 4300–4700 | Nov 2025 | — |
| Global (30 major import markets) | physical_cif | Average CIF import prices for HS 040510 across 30 key markets; 2024 average about USD 6,720/MT with premium destinations such as the U.S. near USD 9,000/MT.[1] | USD/MT | 6500–9000 | 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical butter trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| GlobalDairyTrade, New Zealand | — | |
| European Union (Germany/Netherlands reference) | Typically trades at a discount or premium of USD 100–300/MT vs GDT depending on EU supply-demand balance. | |
| CME Group, U.S. | Physical U.S. export butter typically priced at flat to modest premium/discount vs CME depending on grade and destination. | |
| Global (30 major import markets) | Represents delivered prices including freight and insurance; typically USD 150–500/MT above FOB benchmarks depending on route. |
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