Dairy Products

The agricultural markets represent one of the largest sub-asset classes in exchange commodity trading. Our products enable clients to manage their price risk on these markets while avoiding counterparty risk.

Sascha Siegel, Head of Agricultural Commodities

Why trade Agricultural Derivatives on EEX?

  • Access to a broad range of commodity products
  • Hedging of price risks on the agricultural markets
  • Financial settlement based on reliable reference prices
  • Safe and reliable clearing and settlement processes via European Commodity Clearing (ECC)
  • Leading derivatives market for potatoes and dairy products in Europe

Market price indices as the basis for prices on the dairy market

For the calculation of the index, recognised prices established in Germany, France and the Netherlands are used and combined into an unweighted average. As seen from a historical perspective, the correlation between these quotations is at a significantly high level. As a result, the indices reflect the market price of the referenced products within the European Economic Area.

Futures positions which are still open after the last day of trading are settled financially at the final settlement price. This corresponds to the respective market price index.

The European Whey Powder Index is provided by the Agrarmarkt Informations-Gesellschaft mbH (AMI) in Bonn.

Financial settlement

Butter, skimmed milk powder and whey powder futures are settled financially (cash settlement) upon maturity. In cash settlement, reference prices are used which reflect the value of the goods traded (spot prices) adequately.These price indices also increase market transparency in the futures contracts.

Contract specifications*

All products are offered for exchange trading on EEX. In addition, transactions concluded over the counter can also be registered for clearing (Trade Registration). Clearing and settlement of all transactions are provided by ECC, the clearing house of EEX Group.  


Butter Future

Skimmed Milk Powder Future

European Whey Powder Futures

Product ID




Product ISIN





Butter Index

Skimmed Milk Powder Index

European Whey Powder Index

Contract volume/quotation

5 metric tons



Pricing and minimum price change  

Pricing in EUR per tonne, minimum price change: EUR 1 per tonne


At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 18 consecutive calendar months

Trading hours

8:45 - 18:00 (CET); until 12:00 (CET) on the last day of trading

Last day of trading

  • The last Wednesday of the respective maturity month (If this is not a trading day, the preceding exchange trading day shall be the last trading day.)
  • The third Wednesday of the month in the maturity month of December (If this is not a trading day, the following exchange trading day shall be the last trading day.)


Cash settlement, difference between the final settlement price and the settlement price of the previous exchange trading day

Final settlement price

Status of the respective decisive index on the last day of trading at 19:00 (CE

*Please note that this document is exclusively intended for your information and is not legally binding, The legally binding contract specifications are available on the EEX website at Trading > Rules and regulations.