DCA benchmarks: Milkfat commentary week 4

The DCA butter benchmark declines again this week, this time by €115 to €3,835 per tonne. This marks the lowest level since the summer of 2021. One year ago, prices were almost twice as high. The market had expected a psychological floor around €4,000 per tonne, but this has clearly not held. On the futures market, prices are still trading above this level.