DCA Market Intelligence publishes four distinct weekly benchmark prices for Fresh Lactic Butter. Each benchmark represents the prevailing market level in its respective region:
| Butter (NWE) | Northwestern Europe |
| Butter (NL/BE) | the Netherlands and Belgium |
| Butter (DE) | Germany |
| Butter (FR) | France |
Each benchmark reflects market conditions specific to its region. The specifications of these benchmark prices are described below.
Product description
Quality
Sour, unsalted lactic butter, fresh, of good standard merchantable quality. Produced exclusively from pasteurised cream, directly and exclusively from cow's milk. Compliant with EU legislation.
| Milkfat | minimum of 82% |
| Free fatty acids | maximum of 0.35% |
| Moisture | maximum of 16% |
| pH | between 4.5 and 5.5 |
| Fat-free dry matter | maximum of 2% |
| Temperature at loading | maximum 6 °C (chilled) |
| Remaining shelf life at loading | minimum 30 days (chilled, max 6 °C) |
| Packaging | 25 kg cartons with PE foil, packed on wooden pallets |
Quantity
Minimum of one full truckload.
Timing
Picked up within one month of the assessment date.
Delivery terms
Ex Works.
Unit
EUR/metric ton (1,000 kg).
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.
Origin and regional scope
Region
DCA applies the following regional scopes for Fresh Lactic Butter benchmarks. Each benchmark represents market conditions within its respective region and reflects the main zone of active market participation used by DCA.
| Northwestern Europe (NWE) | the Netherlands, Belgium, Luxembourg, northern France, and northern Germany. |
| Netherlands/Belgium (NL/BE) | transactions within the Netherlands or Belgium; reflects core cross-border trade flows in this area |
| Germany (DE) | transactions within Germany; reflects the main German trade flows relevant to DCA benchmarks |
| France (FR) | transactions within France; reflects the main French trade flows relevant to DCA benchmarks |
Origin of input data
| Butter (NWE) | The Netherlands, Belgium, Luxembourg, France, and Germany. These markets are part of the NWE region and represent the core supply base for this benchmark. |
| Butter (NL/BE) | The Netherlands and Belgium. These markets jointly provide the core supply base for this benchmark. |
| Butter (DE) | Germany. Inputs from professional participants active in the main German trade flows form the core supply base for this benchmark. |
| Butter (FR) | France. Inputs from professional participants active in the main French trade flows form the core supply base for this benchmark. |
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.
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.
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.
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).
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