Euronext to Launch European Dairy Futures in 2026

Listed on the Euronext Paris Commodity Derivatives Market (MATIF), the contracts will be based on:

• European Butter (82%), lactic, unsalted, fresh or frozen, ex-works

• European Skimmed Milk Powder (SMP), food grade, medium heat, ex-works

Why it matters

The new contracts will address a long-standing need in the European dairy sector for liquid and effective hedging tools. By providing a transparent methodology and settlement mechanism, they will help producers, buyers, and traders manage volatility, secure margins, and plan with greater confidence.

The Vesper Price Index (VPI-B) — widely used across the dairy industry — ensures settlement prices that are predictable, transparent, and closely aligned with physical market conditions.

Product design

Euronext has developed Dairy Futures in consultation with industry participants, ensuring specifications meet market needs:

• Origin: Netherlands, Germany, France, Belgium, Denmark, Ireland

• Lot size: 1 tonne

• Price unit: € per tonne

• Maturities: monthly, with up to 18 consecutive months

• Settlement: cash-settled to the monthly average of the VPI-B (published weekly for butter and SMP)

• Platform: traded on Optiq®, centrally cleared by Euronext Clearing

Once sufficient liquidity is established, American options on Dairy Futures will also be introduced.

Benefits of trading Euronext Dairy Futures

• Volatility protection: hedge against unpredictable price swings and reduce exposure to cost surges or drops

• Price transparency: access continuous trading and weekly published index values for clear visibility in a traditionally opaque market

• Budget stability: gain predictable input costs and revenues, enabling accurate financial planning and margin protection

• Opportunity creation: leverage liquid futures contracts to diversify strategies, capture market opportunities, and strengthen competitiveness

With this launch, Euronext reinforces its role as Europe’s leading agricultural commodity exchange, expanding its portfolio with an innovative solution for the dairy sector.