DCA Benchmarks: Milk fat commentary week 52

The milkfat market remained relatively quiet in week 52. Butter prices showed modest gains across regions, while cream and AMF quotations moved lower, resulting in a mixed overall price development and volatility concentration in the cream segment.Butter prices went up across all regions. Butter (NWE) increased by €40 to €4,115 per ton, Butter (DE) by €45 to €4,125 per ton, and Butter (NL/BE) by €50 to €4,115 per ton. Price dispersion remained limited, with standard deviations of around 2.1–2.2%.Cream prices, in contrast, moved lower and showed a significantly wider dispersion. Cream (NWE) declined by €35 to €3,155 per ton, Cream (DE) decreased by €15 to €3,175 per ton, and Cream (NL/BE) recorded the largest decline at €50 to €3,115 per ton. Volatility remained elevated, with standard deviations ranging from 9.0% to 10.0%. Across regions, reported prices ranged between €2,600 and €3,500 per ton. Contributors also noted that cream continues to be perceived as one of the few products retaining some relative value, despite price levels remaining low and volatile. AMF prices edged lower this week, declining by €25 to €4,525 per ton. Volatility remained low at 1.4%, and the narrow range of reported prices suggests a stable and well-aligned market view.