DCA Benchmarks: Powder market commentary week 51

The powder market showed a mixed but overall stable picture in week 51. SMP continued to decline, while whey-related products and WMP provided a slight upward movement. Reported sentiment points to bearish offers in SMP and SWP, while producers appear to have lower pressure to sell, and several contributors observe stronger whey prices and early signs of stabilization.SMP Food (NWE) declined to €1,970 per ton (-€20), with a more gradual decline in Germany (-€10) and steeper in the Netherlands and Belgium (-€35). The downward movement was relatively consistent among contributors and benchmark stability remained acceptable, with standard deviations ranging between 2.6 and 2.9%. SMP Feed (NWE) decreased by €30 to €1,935 per ton. The benchmark was approved despite limited inputs (5/10), given the low volatility (1.7%) and tight observations. In contrast, WMP (NWE) increased by €70 to €2,980 per ton. Volatility remained contained (sDev 2.7%).The whey segment was mixed. SWP Food (NWE) declined slightly by €15 to €1,110 per ton, with volatility at 4.0%. Country-based benchmarks were stronger: SWP Food (DE) increased by €20 to €1,110, and SWP Food (NL/BE) by €15 to €1,115, although both were supported by fewer observations. Meanwhile, SWP Feed (NWE) grew by €10 to €1,030 per ton, with a relatively tight range.Lactose (NWE) was stable at €1,175 per ton, while FFMP (NWE) declined by €15 to €2,225 per ton. FFMP was approved despite low input due to the alignment of the observations. Sentiment remained split. Several contributors highlight pressure and low offers in SMP (and parts of SWP), while whey is described as stronger. At the same time, producers indicate limited urgency to sell.