In 2026, Euronext will introduce European Dairy Futures, cash-settled to the BMR Vesper Price Index (VPI-B) administered by Compass.
Listed on the Euronext Paris Commodity Derivatives market (MATIF), Euronext Dairy Futures will be based on European butter (82%) and skimmed milk powder (food grade).
European Dairy Futures will be settled to the Vesper Price Index (VPI-B), an index under development and administered by BMR-compliant Compass Financial Technologies.
This index is a direct translation of the well-known Vesper Price for Butter and Skimmed Milk Powder, which is widely used among industry producers, buyers and traders.
It will bring:
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A transparent methodology
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A predictable settlement price
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A reliable settlement price that conforms to physical market conditions
Set to launch in Q2 2026 (subject to regulatory approvals), Euronext European Dairy Futures will respond to a long-awaited need from dairy market participants in Europe for liquid and effective hedging solutions.
Product specifications have been validated through several consultations with industry participants.
With the introduction of Dairy Futures, Euronext will consolidate its position as the leading agricultural commodity exchange in Europe.
Key characteristics of the Euronext Dairy Futures
Traded on Optiq® and centrally cleared by Euronext Clearing, Euronext Dairy Futures will contain the following characteristics:
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Underlying:
European Butter 82%, Lactic, Unsalted, Fresh or Frozen, Ex Works
European Skimmed Milk Powder, Food Grade, Medium Heat, Ex Works -
Origin: the Netherlands, Germany, France, Belgium, Denmark and Ireland
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Lot size: 1 tonne
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Price unit and currency: € per tonne
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Maturities: Monthly with 18 consecutive months
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Settlement: Cash-settled to a monthly average of the VPI-B; the VPI-B for Butter and for Skimmed Milk Powder are weekly indices
Euronext also plans to activate American Options on Dairy Futures when sufficient liquidity is reached on the underlying futures.
Why trade Euronext Dairy Futures?
Designed to support dairy producers, buyers and traders seeking to hedge their price risk, secure margins or gain exposure, Euronext Dairy Futures, cash-settled to the BMR Vesper Price Index (VPI-B), offer:
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Volatility protection: hedge against unpredictable rate fluctuations and reduce exposure to sudden cost surges or drops.
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Price transparency: benefit from continuous trading and weekly publication of index pricing (via Vesper and Compass VPI-B) to gain clear visibility in a traditionally opaque market.
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Budget stability: achieve more predictable input costs and revenues, supporting accurate financial planning and helping to prevent margin erosion.
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Opportunity unlocking: access liquid dairy futures contracts to capitalise on market movements, diversify trading strategies and gain competitive edge.
For more information
Contact the Euronext Commodities team at Commodities@euronext.com
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