Mintec proposes to launch additional monthly EU Dairy Mintec Benchmark Prices

All Market Notes 31 July 2023

Mintec is proposing to launch 8 monthly Mintec Benchmark Prices (MBP) for European dairy products and is collecting feedback from market participants in the dairy markets until Monday, 14th August 2023.

If the industry supports this proposal, Mintec suggests launching these assessments on Thursday, 31st August.

The proposed specifications for the assessments would be as below:

The proposed assessments would reflect the transactable value at 16:00:00 London time.

The EU is one of the largest players in the global dairy industry and a key exporter. The launch of the new assessments would give users greater clarity in understanding price movements and allow for product comparisons at a regional level.

Caseins are a naturally occurring protein found cow’s milk with high functionality and versatile applications. Acid caseins have a broad range of food applications due to their emulsifying properties and heat stability, as well as for a variety of industrial processes, ranging from paper and paint manufacturing to the cosmetic industry. Meanwhile, rennet caseins, due to their functional qualities, are mainly used for processed cheese or analogue cheese production. The launch of EU acid and rennet casein assessments would provide transparency in a market which is currently very opaque and lacks independent and impartial price benchmarks.

The proposed assessment for Spanish sweet whey powder (SWP) would complement Mintec’s existing SWP coverage and provide Mintec subscribers additional granularity and insight into the European SWP markets.

The European speciality cheese markets are traditionally very opaque and the proposed cheese assessments aim to address this issue by increasing transparency and providing independent reference points for the industry.

Please send any questions or comments about this market note to Methodology@mintecglobal.com, by Monday, 14th August 2023 and clearly state which market note your comments relate to, and if comments are intended for publication by Mintec.

Mintec will acknowledge receipt of all comments by email.