Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| European Union | physical_fob | Cheddar block/shred export and intra-EU physical trade | USD/MT | — | Jun 2026 | — |
| United States | physical_fob | Cheddar block/shred physical trade | USD/MT | — | Jun 2026 | — |
| CMEHeadline | futures | Cheddar cheese futures contract | USD/MT | — | Jun 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical cheese trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| European Union | — | |
| United States | — | |
| CME | — |
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