Updated methodology and improved specifications for dairy benchmarks

DCA Market Intelligence (DCA) introduces as a PRA an updated methodology for its benchmark publications and, at the same time, publishes refined product specifications for its dairy benchmarks. With this step, DCA makes its approach and product specifications clearer and more consistent for the market, and lays an important foundation for its ambition to successfully complete an IOSCO assurance process in 2026.

What is changing?
The core of the dairy benchmarks remains unchanged: the way benchmark values are determined and published is not changing. The updated methodology is intended to describe more clearly and consistently how DCA collects, reviews and processes input within the existing framework.

In addition to the methodology, the specifications of the dairy benchmarks have been improved. This means the product definitions and assessment criteria that underpin the benchmark publications have been further refined and standardised. This supports a more consistent assessment of market information against the benchmark definition, helping improve comparability and clarity for users.

Why are we doing this?
Benchmark prices are most valuable when market participants clearly understand what is being measured and under which product and delivery terms contributions fall within the benchmark definition. By updating the methodology and the dairy specifications, DCA aims to:

• increase clarity around definitions and assessment frameworks;
• strengthen consistency across dairy products and publications;
• improve transparency for the market: what is within the scope of a benchmark and what is not;
• build a foundation for a formal IOSCO assurance/review process, in 2026.

Improved specifications for dairy benchmarks
The update covers the dairy categories published by DCA, including cheese, dairy powders, dairy liquids, and milkfat. The refined specifications are designed to support a uniform interpretation of, among other things:

• product description and quality requirements (what exactly the product includes);
• units and standardisation (for example units, currency and common terms);
• scope boundaries (what falls within or outside the scope of the benchmark definition);
• consistent terminology and definitions to improve comparability of contributions.

Effective date
The updated methodology and the refined dairy specifications take effect on 18 December 2025.

IOSCO: where we are today
DCA Market Intelligence is currently not “IOSCO certified”. The updated methodology has been developed as part of a broader effort to further strengthen processes, documentation and transparency in line with the IOSCO Principles for Financial Benchmarks. The ambition is to complete the formal assurance/review process succesfully in 2026.

Availability
The updated methodology and the revised product specifications for the relevant dairy benchmarks are available via our website dcamarketintelligence.com. Market participants with questions about scope or how the specifications apply can contact us using the details below.

Contact
Eric de Lijster, Head of PRA DCA Market Intelligence, e-mail: pra@dcami.com or call 0320 - 269 526.