| EUROPEAN SKIMMED MILK POWDER FUTURES | |
| Contract code | ESMF |
| Unit of trading | 5 tonnes |
| Pricing unit/quotation (= price basis) | Euros per tonne |
| Origins tenderable | N/A |
| Underlying | The European Skimmed Milk Powder (SMP) Futures contract’s underlying security asset is the EU SMP Vesper Price Index (VPI), published and administered under the Benchmark Regulation by Benchmark Administrator Compass Financial Technologies. The EU SMP VPI represents the price of SMP, Food Grade, Ex-Works, from the Netherlands, Germany, Belgium, France, Ireland, and Denmark. Full details here: https://vespertool.com/data-and-credibility/euronext |
| Minimum price movement (tick size and value) | €1.00 per tonne (€5.00) |
| Delivery months | Monthly contracts listed for 18 consecutive months |
| Introduction of new expiry months | The opening of a new contract will occur on the first trading day following the expiration of a maturity, in accordance with the schedule established by the Exchange, so that 18 maturities are available for trading |
| Wholesale services | Against Actuals, Exchange for Swaps, Large-in-Scale |
| Trading at settlement | N/A |
| Euronext market | Paris |
| Last Trading Day | The last trading day of the expiry month |
| Settlement (Delivery) | The liquidation of the Dairy Futures contract is done through cash settlement (financially settled) with a liquidation price established by Euronext Paris SA |
| Delivery period | The delivery period, which is the period considered for the computation of the Exchange Delivery Settlement Price of a cash-settled contract, corresponds to the calendar month of the expiry |
| Daily Settlement Price | For the method to calculate the Daily Settlement Prices (DSPs) please check https://live.euronext.com/en/products/commodities/dsp |
| Exchange Delivery Settlement Price (EDSP) | The Exchange Delivery Settlement Price is established by Euronext Paris SA on the last trading day according to the methodology indicated below: for each expiry, the EDSP is equal to the arithmetic average of all the published values of the EU SMP Vesper Price (weekly) Index, during the last month of the expiry (rounded to the nearest tick increment) |
| Clearing organization | Euronext Clearing |
| Delivery limits | Contract is cash settled and the delivery limits will be as for the standard contract position limits applicable pursuant to MiFID II framework |
| Trading hours | Central Order Book: Monday - Friday from 09:00 - 18:00 CET Wholesales: Monday - Friday from 07:30 - 18:00 CET |
| Trading platform | Optiq |
| Algorithm | Central Order Book applies a price-time trading algorithm, with priority given to the first order at the best price |
| Last update | 23 APR 2026 |