Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Rotterdam/HamburgHeadline | physical_fob | — | USD/MT | 1200–1450 | Dec 2024 | — |
| US East Coast | physical_fob | — | USD/MT | 1250–1500 | Dec 2024 | — |
| Shanghai | physical_cif | — | USD/MT | 2100–2600 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical whey powder trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Rotterdam/Hamburg | — | |
| US East Coast | — | |
| Shanghai | — |
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