DCA Benchmark Specification Skimmed Milk Concentrate

DCA Market Intelligence publishes a weekly benchmark price for Skimmed Milk Concentrate (SMC). The benchmark represents the prevailing market level for Skimmed Milk Concentrate in Northwestern Europe (NWE). The specifications of this benchmark price are described below.

1. Product description

Quality

Skimmed Milk Concentrate of good standard merchantable quality, not standardised, produced from fresh cow’s milk. Compliant with EU legislation.

Milkfat	between 0.35% and 0.50%
Dry matter	circa 35%
Protein in fat-free dry matter	circa 36%
pH	between 6.6 and 6.8
Heat treatment	pasteurised; alkaline phosphatase negative
Temperature at loading	maximum 6 °C (chilled)
Age at delivery	maximum 72 hours from concentration/last heat treatment
Packaging	bulk insulated road tanker (food-grade)

Quantity

Minimum of one full truckload.

Timing

Picked up within a week of the assessment date.

Delivery terms

Ex Works.

Unit

EUR/metric ton (1,000 kg).

2. Methodological framework

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.

3. Origin and regional scope

Region

For DCA benchmarks, the region Northwestern Europe (NWE) is defined as the Netherlands, Belgium, Luxembourg, northern France, and northern Germany. This benchmark is produced for and applies to transactions within NWE, reflecting the principal zone of active market participation used by DCA for regional benchmarks.

Origin of input data

The origin of the input data is Belgium, the Netherlands, Luxembourg, France, and Germany. These markets are part of the NWE region and represent the core supply base for this benchmark.

4. Price definition

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 €5, in line with the Public Methodology Summary.

5. Calculation method

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.

6. Data collection window and publication

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.

7. Complaints and feedback

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).

Version: December 2025