DCA Market Intelligence publishes four distinct weekly benchmark prices for Raw Milk.Each benchmark represents the prevailing market level in its respective region:
| Raw Milk (NL/BE) | The Netherlands (including Belgium) |
| Raw Milk (N-DE) | Northern Germany |
| Raw Milk (S-DE) | Southern Germany |
| Raw Milk (FR) | France |
Each benchmark reflects market conditions specific to its region. The specifications of these benchmark prices are described below.
Raw unprocessed non-GMO cow’s milk of good standard merchantable quality. Compliant with EU legislation.
| Milkfat | the Netherlands and Belgium: 4.45%; northern Germany: 4.00%; southern Germany: 4.00%; France: 3.80% |
| Protein | 3.4% |
| pH | between 6.6 and 6.8 |
| Temperature at loading | maximum 6 °C (chilled) |
| Age at delivery | minimum 48 hours from first collection (by agreement: up to 72
hours if temperature control is maintained) |
| Packaging | bulk insulated road tanker (food-grade) |
At least 100 kg of cow’s milk.
Picked up within one week of the assessment date.
| NL/BE | Default: DAP. | By agreement: Ex Works. |
| N-DE, S-DE and FR | Default: Ex Works. | By agreement: DAP. |
EUR/100 kg.
This benchmark specification follows the DCA General Methodology, which outlines processes including data hierarchy, validation, use of expert judgement, and governance. The benchmark is administered in accordance with the IOSCO Principles for Financial Benchmarks and DCA’s internal compliance framework. Operational validation and weighting techniques are applied in line with the DCA General Methodology. Detailed controls are not disclosed publicly for confidentiality and data integrity reasons.
DCA applies the following regional scopes for the Raw Milk benchmarks. Each benchmark represents market conditions within its respective region and reflects the main zone of active market participation used by DCA.
| Netherlands/Belgium (NL/BE) | transactions within the Netherlands or Belgium; reflects core cross-border trade flows in this area |
| Northern Germany (N-DE) | factory in Berlin, Brandenburg, Hamburg, Hesse, Mecklenburg-Vorpommern, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony, Saxony-Anhalt, Schleswig-Holstein, Thuringia, Free Hanseatic City of Bremen |
| Southern Germany (S-DE) | factory in Baden-Württemberg or Bavaria |
| France (FR) | transactions within France; reflects the main French trade flows relevant to DCA benchmarks |
Inputs are sourced from professional market participants located in the region or active in the Northwestern Europe (NWE) market who regularly trade raw milk in that specific region. Inputs are expected to reflect current spot trade flows in the relevant region.
| Raw Milk (NL/BE) | Inputs from the Netherlands and/or Belgium, including submissions from NWE participants demonstrably active in NL/BE trade flows. |
| Raw Milk (N-DE) | Inputs from northern Germany, including submissions from
NWE participants demonstrably active in DE-North trade flows. |
| Raw Milk (S-DE) | Inputs from southern Germany, including submissions from
NWE participants demonstrably active in DE-South trade flows. |
| Raw Milk (FR) | Inputs from France, including submissions from NWE participants
demonstrably active in French trade flows. |
The benchmark reflects the average price excluding commission and VAT of transactions completed during the assessment period (Friday of the preceding week through Thursday of the current week). Prices are rounded to the nearest €0.50, in line with the Public Methodology Summary.
Prices are based on validated data provided by professional market participants, primarily consisting of concluded transactions within the defined assessment window. Submissions are reviewed for accuracy and consistency; statistical checks identify outliers, which are excluded from the calculation while all submissions remain recorded in DCA’s internal system.
While DCA may consider the indicative volume associated with each transaction, all validated prices are aggregated using a transparent arithmetic mean rather than a proprietary weighting formula. The benchmark value is determined and published through DCA’s controlled Price Reporting System in accordance with the DCA General Methodology.
Price input is collected on Thursday from 09:00 until 15:00 CET. The benchmark price is published on Thursday at 15:30 CET. In the event of a public holiday, the collection and publication schedule follows the Public Holiday Schedule published on the DCA platform.
Any questions or complaints regarding this benchmark may be submitted to DCA Market Intelligence via pra@dcami.com, in line with the DCA Complaints and Appeals Procedure (see Public Methodology Summary).
© DCA Market Intelligence B.V. All rights reserved.
Version: December 2025