Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Global Dairy Trade (New Zealand export, mainly Fonterra) | physical_fob | Regular WMP, minimum 26% fat, medium heat, bagged, FOB Oceania as specified in GDT product specifications. | USD/MT | 3680–3690 | May 2026 | — |
| Global Dairy Trade (New Zealand export, mainly Fonterra) | physical_fob | Medium-heat SMP, min protein ~34% on non-fat solids basis, bagged, FOB Oceania according to GDT specifications. | USD/MT | 3200–3350 | May 2026 | — |
| Northwest Europe (Germany/France/Netherlands) export quotations | physical_fob | Extra-grade SMP, low/medium heat, 25 kg bags, FOB main EU ports per prevailing export tenders and wholesale assessments.[8] | USD/MT | 3000–3200 | Apr 2026 | — |
| CME Group, cash-settled nonfat dry milkHeadline | futures | Grade A nonfat dry milk, 44,000 lb per contract, US domestic spec, often converted to SMP equivalent for global comparisons. | USD/MT | 3400–3600 | May 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical milk powder trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Global Dairy Trade (New Zealand export, mainly Fonterra) | — | |
| Global Dairy Trade (New Zealand export, mainly Fonterra) | Often used as base for Oceania SMP; regional contracts in Asia and MENA are priced at negotiated differentials depending on quality, volume, and credit terms. | |
| Northwest Europe (Germany/France/Netherlands) export quotations | Typically trades at a discount or premium of USD 50–150/MT versus GDT SMP depending on EU supply and logistics. | |
| CME Group, cash-settled nonfat dry milk | Used as a hedging proxy; export SMP contracts from the US to Mexico and Asia often price as a flat or adjusted value vs CME NFDM. |
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