DCA benchmarks: Powder commentary week 4

DCA Market Intelligence’s powder benchmarks were marked by a positive tone in week 4 (January 22). The milk powders exhibited a firm to positive development, while mixed results were observed in whey powder and a decline in lactose. FFMP benchmarks were published for the first time in the year, mirroring the positive trend observed in milk powders.SMP Food reported the largest weekly increase, by 3.4% to €2,145, with SMP Feed closing at €2,090 (+2.2%), and WMP at €3,030 (+0.17%). Overall, the trend has reflected a higher valuation of the milk’s protein component and a decline in fat.Monthly developments, however, have exposed diverging trends. SMP benchmarks are displaying a mild bullish trend since week 51, indicating an increase ranging between 5.7% and 7.2%. Meanwhile, WMP powder reflects stability, increasing by a slight 0.5% over the previous month. While the protein costs are driving SMP up, it appears that lower fat prices are keeping WMP in check.Despite not responding entirely to full-dairy market pressures, FFMP benchmarks marked an uptick from the negative trend observed at the end of 2025, closing at €2,290. In contrast, whey powder benchmarks observed mixed results over the week. While SWP Food declined by 0.9% to €1,155, SWP Feed increased by 1% to €1,025. The trends also diverge slightly monthly, despite a mild increase in whey pricing over the last 13 weeks. As such, SWP Food increased by 6% month-over-month, while SWP Feed declined by 1%. Sentiment points to a generally improving powder market, led by a firmer SMP demand and export interest, while WMP was reported as stable. At the same time, some participants noted a relatively quiet market. They also highlighted high expectations about the effects of the exchange rate and upcoming events, such as GDT and Gulfood 2026.