“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?

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

    Financial Settlement

    All products are settled financially upon maturity (cash settlement). In this process, reference prices adequately reflecting the value of the traded products are used. These price indices increase market transparency – also in the futures contracts.

    Market indices as the basis for pricing on the dairy market

    EEX European Butter, European Skimmed Milk Powder and European Whey Powder Indices

    For the calculation of the EEX Weekly Indices renowned price assessments for Germany, France and the Netherlands are used as the data basis 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. The final settlement price corresponds to the relevant EEX Monthly Index which represents the arithmetic mean of all published values of the related EEX Weekly Index during the respective month.

    EEX Weekly European Cheese Indices (WECI)

    The calculation of EEX Weekly European Cheese Indices (WECI) is based upon price contributions from participants in the European Physical Cheese Market. EEX has developed the index specifications and price reporting methodology to accurately reflect spot/nearby prices in the underlying physical market.

    For each relevant cheese, EEX calculates an initial average value based upon prices received from all contributors. Prices submitted by individual contributors that deviate by more than 5% from this initial average value are eliminated after which a final average value is calculated. This final average value represents the index value for the relevant week.

    The indices are published on Wednesdays and comprise the following: 

    • EEX Weekly European Cheddar Curd Index 
    • EEX Weekly European Mild Cheddar Index
    • EEX Weekly Young Gouda Index
    • EEX Weekly Mozzarella Index

    Are you interested in Cheese Index data?

    The weekly index values for cheese can be found under Agricultural Indices.

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    EEX European Liquid Milk Index

    The Index consists of prices determined in Germany, the Netherlands, Denmark and Ireland which are summarised into an unweighted average. They are based on the prices of the “Milk Market Observatory” of the European Commission as per (EU) No 2017/1185 Article 12 (a) – Annex II. 4(a). **

    Are you interested in Liquid Milk Index data?

    The weekly index values for liquid milk can be found under Agricultural Indices.

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    **In case one or more of the above-mentioned listings or price determinations (price information) are not available or implausible, EEX AG reserves the right to suspend one or more price information temporarily or permanently or to replace them with other price sources. EEX AG will announce temporary or permanent changes in these cases.

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

    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.

    EEX European Butter Future

    Product ID

    FABT

    Product ISIN

    DE000 A13RUP8

    Underlying

    EEX Monthly European Butter Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

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

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 19 consecutive calendar months

    Trading hours

    Trade Registration: 08:45 to 18:00 (CET); until 12:00 (CET) on the last trading day
    Exchange Trading: 08:55 to 18:00 (CET); until 12:00 (CET) on the last trading day  

    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.)

    Settlement

    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 EEX Monthly European Butter Index on the last day of trading at 19:00 (CET) 

     

    EEX European Skimmed Milk Powder Future

    Product ID

    FASM

    Product ISIN

    DE000 A13RUM5

    Underlying

    EEX Monthly European Skimmed Milk Powder Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

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

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 19 consecutive calendar months

    Trading hours

    Trade Registration: 08:45 to 18:00 (CET); until 12:00 (CET) on the last trading day
    Exchange Trading: 08:55 to 18:00 (CET); until 12:00 (CET) on the last trading day  

    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.)

    Settlement

    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 EEX Monthly European Skimmed Milk Powder Index on the last day of trading at 19:00 (CET)

     

    EEX European Whey Powder Futures

    Product ID

    FAWH

    Product ISIN

    DE000 A13RUN3

    Underlying

    EEX Monthly European Whey Powder Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

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

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 19 consecutive calendar months

    Trading hours

    Trade Registration: 08:45 to 18:00 (CET); until 12:00 (CET) on the last trading day
    Exchange Trading: 08:55 to 18:00 (CET); until 12:00 (CET) on the last trading day  

    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.)

    Settlement

    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 EEX Monthly European Whey Powder Index on the last day of trading at 19:00 (CET) 

     

    EEX European Liquid Milk Futures

    Produkt ID

    FALM

    Produkt ISIN

    DE000 A2G9 892

    Underlying

    EEX European Liquid Milk lndex

    Contract volume/quotation

    25,000 kilogram

    Denomination

    EUR

    Pricing and minimum price change

    Pricing in EUR per 100 kilogram, minimum price change: EUR 0.01 per 100 kilogram

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 19 consecutive calendar months

    Trading hours

    Trade Registration: 08:45 to 18:00 (CET); until 12:00 (CET) on the last trading day
    Exchange Trading: 08:55 to 18:00 (CET); until 12:00 (CET) on the last trading day

    Last day of trading

    The 12th calendar day of the month. If this day is a  weekend day or public holiday, the following exchange day is the last day of trading.

    Settlement

    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 EEX European Liquid Milk lndex on the last day of trading at 13:00 hrs (CET/CEST) 


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

    Agricultural Commodities

    Sascha Siegel
    Head of Agricultural Commodities

    +49 341 2156-272 sascha.siegel@eex.com

    Agricultural Indices

    There are indices for the following agricultural products:

    • Butter
    • Whey Powder
    • Liquid Milk
    • Skimmed Milk Powder
    • Processing Potatoes
    • Cheese
    Find the weekly index values here

    Trading Calendar

    For all Commodities and Market Areas

     

     

     

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    European Commodity Clearing (ECC) is a central clearing house which specialises in energy and commodity products.

    to ECC website