AMSTERDAM, 19 October 2026. Euronext today launched EU butter and skimmed milk powder (SMP) futures on the MATIF. The contracts are cash-settled against the EU Butter VPI and the EU Skimmed Milk Powder VPI, two weekly price benchmarks published by Vesper, the commodity intelligence platform for food manufacturers.
Dairy prices have experienced large price swings in recent years. Swings like that create significant price risk for buyers and sellers. The new contracts give them a way to manage that exposure.
Built on the price the market already uses
Euronext developed the contracts at the request of dairy market participants, who asked for a hedging tool that is connected to the physical market. When the exchange asked which price they follow, most pointed to the Vesper Price Index (VPI) as a fair reflection of the spot market.
“We built the VPI in 2020 so buyers and sellers could check a dairy price against the real market. Today that same benchmark settles futures on a regulated European exchange. For the dairy companies we work with, that means one shared reference for both physical contracts and hedging.” Alexander Sterk, Founder and CEO, Vesper
How the VPI works
The VPI has been live since May 2020. The EU Butter VPI and EU Skimmed Milk Powder VPI are independently administered and follow the standards of BMR.
Each weekly value reflects the current spot market (West-EU). Price inputs come from verified buyers, sellers, traders, and brokers and must meet strict criteria, including trades from the current calendar week, full truckloads, ex works incoterms, and delivery within the current month plus two. Every value goes through four steps: data collection, quality control, calculation and publication.
Because the index tracks the physical market closely, companies that hedge against it carry less basis risk.
The benefits of the launch for the dairy industry
Hedging that matches the physical market.
Producers, traders and food manufacturers can now fix a butter or SMP price months ahead. Because the futures settle against the same benchmark many use in the physical market, the hedge follows their actual buying and selling price closely. That means less basis risk, the gap between the price you hedge and the price you pay for the physical commodity.
A new way to write physical contracts.
Buyers and sellers can link physical contracts to the VPI and cover that exposure with the matching futures. Over time, a liquid futures market could change how dairy contracts are made.
Trading the new contracts
The contracts are cleared by Euronext Clearing on the same margin model as Euronext’s other agricultural contracts. Liquidity providers will quote butter and SMP futures daily from day one. Euronext is also charging no trading or clearing fees on its dairy futures during the launch period.
Companies that do not trade futures also benefit. The forward curve gives the whole market a free, public view of where butter and SMP prices are heading, and a reference point for physical price discussions.
Free public access to both benchmarks
Both indices stay free to access. Anyone can view the EU Butter VPI and EU Skimmed Milk Powder VPI and read the published methodology at vespertool.com/data-and-credibility/euronext.
“Dairy companies asked us for a reliable way to hedge butter and SMP price risk. When we asked which price they look at, most pointed to the Vesper Price Index. Settling our futures against that benchmark means the contracts follow the physical market closely. Liquidity takes time to build, so we are starting with daily quotes from liquidity providers and no trading or clearing fees.” Augustin Firino Martell, Commodities Expansion Manager, Euronext.
About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal. In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), reinforcing its pan-European footprint and further extending its fully integrated market infrastructure with the addition of an exchange, a CSD and a clearing house.
As of September 2026, Euronext’s regulated exchanges in Belgium, France, Greece, Ireland, Italy, the Netherlands, Norway and Portugal host over 1,800 listed issuers with €7 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 29% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
For more information, visit euronext.com.
About Vesper
Vesper is the commodity intelligence platform for food manufacturers. It covers all agri commodity markets and more than 26,500 price series, bringing spot prices, forward prices, forecasts and cost models into one place, so buyers, sellers and traders can price a contract, build a budget, time a purchase or hedge an exposure from the same numbers. Teams across FMCG, food manufacturing and food retail work with Vesper, including Nestlé, Unilever, Danone, Mars and Aldi. The Vesper Price Index is published weekly and used as a reference point in physical dairy contracts across Europe. Vesper has offices in Amsterdam and Chicago.
For more information, visit vespertool.com.
For media related enquiries contact:
Ashley Kooter
Head of Marketing at Vesper
ashley@vespertool.com
