CME plans to introduce European skimmed-milk-powder, butter, whey-powder and liquid-milk futures and options on 23 November 2026, subject to regulatory review. The FAQ lists 20 consecutive contract months starting with December 2026.[1][2]
Published futures specifications
| Product | Size | Quotation | Minimum move / tick value |
|---|---|---|---|
| Skimmed milk powder (ESP) | 5 metric tonnes | €/metric tonne | €1/tonne / €5Source 2 |
| Butter (EBT) | 5 metric tonnes | €/metric tonne | €1/tonne / €5Source 2 |
| Whey powder (EWP) | 5 metric tonnes | €/metric tonne | €1/tonne / €5Source 2 |
| Liquid milk (EMK) | 25,000kg | €/100kg | €0.01/100kg / €2.50Source 2 |
Futures settle financially against the respective EEX indices; options deliver into the corresponding futures when exercised. The products sit on CME’s US-regulated market and clearing infrastructure despite their European reference prices. Settlement and exercise therefore need separate treatment.[2]
Proposed expiry and access rules
| Item | FAQ specification |
|---|---|
| Powder / butter expiry | Last Wednesday of the month; in December, third Wednesday, with the stated exchange-day adjustmentsSource 2 |
| Liquid-milk expiry | 20th calendar day; next exchange day if weekend or public holidaySource 2 |
| Globex hours | Monday–Friday 08:55–20:15 CET; until 12:00 CET on the final trading daySource 2 |
| Block trades | Minimum two lots, reported within 15 minutes; eligible-contract-participant requirementSource 2 |
| Price controls | No daily price limit; a 10% daily circuit breaker is specifiedSource 2 |
The launch release says the contracts will initially track EEX indices before moving to CME Group indices. It also describes work to transfer the EEX Weekly European Cheese Indices and Pan European Butter Index. These are planned benchmark arrangements, not evidence of completed migration or trading history for the new contracts.[1]
Sources & further reading
- CME Group Expands Dairy Business with New European Futures and Options CME Group · 19 Oct 2026 · Accessed 26 Oct 2026
- FAQ: European Dairy Futures and Options CME Group · Accessed 26 Oct 2026