Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Italy | physical_fob | Fresh buffalo-milk mozzarella, export grade | USD/MT | — | Jun 2026 | — |
| Global dairy export origins | physical_fob | Buffalo-milk-linked processed dairy products | USD/MT | — | Jun 2026 | — |
| Global Dairy TradeHeadline | futures | Proxy for buffalo milkfat and skim-component pricing | USD/MT | — | Jun 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical buffalo milk trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Italy | — | |
| Global dairy export origins | — | |
| Global Dairy Trade | Used as a proxy because buffalo milk itself has no widely used global futures contract |
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