In 2026, Euronext will introduce European dairy futures, cash-settled to the BMR-compliant Vesper Price Index (VPI) and corresponding options.

Listed on the Euronext Paris Commodity Derivatives market (MATIF), Euronext Dairy Derivatives 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), an index administered by the BMR-compliant benchmark administrator Compass Financial Technologies.

The VPI for European Butter and Skimmed Milk Powder are widely used among industry producers, buyers and traders.  

Set to launch in 2026 (subject to regulatory approvals), Euronext European Dairy Futures and Options 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 Derivatives, Euronext will consolidate its position as the leading agricultural commodity exchange in Europe. 

Key characteristics of the Euronext Dairy Derivatives 

Traded on Optiq^® and centrally cleared by Euronext Clearing, Euronext Dairy Futures will contain the following characteristics: 

• 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

• Lot size: 5 tonnes

• Price unit and currency: € per tonne 

• Maturities: Monthly with 18 consecutive months

• Settlement: Cash-settled to a monthly average of the VPI (the VPI for Butter and for Skimmed Milk Powder are weekly indices).

Euronext also plans to activate American Options on Dairy Futures, with the following characteristics:

• Option type: American

• Exercise price increment: 
  - Euronext Butter Options: €50
  - Euronext Skimmed Milk Powder Options: €25

• Price unit and currency: € and € cents per tonne

• Maturities: Monthly with 12 consecutive months

Why trade Euronext Dairy Derivatives?

Designed to support dairy producers, buyers and traders seeking to hedge their price risk, secure margins or gain exposure, Euronext Dairy Derivatives offer: 

• Controlled basis risk: rely on a transparent and predictable settlement thanks to the BMR-compliant Vesper Price Index.
  

• Price transparency: benefit from continuous trading on a visible order book and weekly publication of index pricing to gain clear visibility in a traditionally opaque market.  
  

• Hedging flexibility: use exchange-traded futures and options to manage your price risk efficiently.
  

• Opportunity unlocking: access liquid dairy futures and options 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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