DCA benchmarks: Powder commentary week 21

Milk powder markets observed mixed developments during week 21 (May 21), with weaker sentiment in the SMP food segment contrasting against firmer conditions in SMP Feed and whole milk powder. Market activity in SMP remained subdued overall, with contributors describing limited trading activity and pricing continuing to depend strongly on origin and short-term market sentiment. Whey powder markets also showed diverging dynamics, as food-grade products maintained stronger momentum while feed-grade pricing appeared to lose pace despite the broader upward trend. Meanwhile, lactose prices remained broadly stable, while FFMP followed the softer tone observed in SMP markets.