DCA Benchmarks: Liquids commentary week 3

Dairy liquids moved higher this week, led by raw milk benchmarks (€/100 kg) and a sharp rebound in concentrate values (€/ton). Raw milk (NL/BE) was published at € 12,50 (+1,00), while Germany showed much stronger gains: Raw Milk (N-DE) € 15,50 (+5,50) and Raw Milk (S-DE) € 19,00 (+7,50). Skimmed milk (NWE) also increased to € 5,00 (+2,50). In concentrates (€/ton), SMC (NWE) rose markedly to € 710 (+340), whereas SWC (NWE) edged up to € 730 (+40).Volatility differed widely across the liquids. On raw milk, dispersion was moderate in Raw milk (NL/BE) sDev 14,3%, but substantially higher in Germany with Raw Milk (N-DE) sDev 30,0% and Raw Milk (S-DE) sDev 26,3%. Skimmed milk (NWE) recorded the highest variability at sDev 46,4%, standing out as the most volatile benchmark this week. In concentrates, SMC (NWE) sDev 12,2% was mid-range, while SWC (NWE) sDev 6,3% was among the lowest within liquids.SentimentContributor input remained mixed to bearish overall. Several notes characterised liquid markets as stable and relatively cheap, while others pointed to a weaker tone with cream and whey lagging behind and expectations for higher milk supply to persist through Q1. At the same time, contributors consistently highlighted firmer conditions in proteins, with a clear uptake in protein prices and repeated references to SMC moving higher, in line with the =increase seen in the SMC benchmark this week.