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GFD Intelligence

What we brokered

Our own book: every deal the desk struck, with price, volume, origin and delivery period. Nobody else has this — it is the record of what actually changed hands through us.

deals closed
2,718
tonnes closed
271,268 mt
positions worked
4,621
Archive
2022–2026

Every curve here is built from our own deal book — each contract the desk actually brokered, with both counterparties removed. Nothing is modelled and nothing is surveyed.

Archive through 9 Jul 2026This is older than we would like — the next update is on its way.

How these numbers are made

A price here is a price that was paid

  • Executed, or a genuine mid

    Every level is either a trade we executed ourselves, or the mid-point of an active, liquid bid-ask we were working on both sides. Nothing is modelled, nothing is surveyed, and nothing is an indication somebody hoped for.

  • Volume behind every point

    A curve built on one deal is an anecdote. Each point here is volume-weighted across the month, and a month that traded too thin is left out rather than drawn as a confident level.

  • Five years and growing

    The book runs back to 2022 and the volume through it has grown every year since. That is what makes the series worth something: not one good print, but a record long enough to be judged.

23

countries of origin brokered

Tonnes brokered per year

  1. 5k2022*
  2. 59k2023
  3. 58k2024
  4. 85k2025
  5. 64k2026*

* Part years. The book opens in September 2022 and the running year is counted to 9 Jul 2026, not to a full twelve months.

Traded prices

What the market actually paid

Every month, the volume-weighted average of the trades we executed — not indications, not a survey. The shaded band is the monthly high to low, and the bars along the bottom are the volume behind each point.

Trades delivering within two months of the contract date — the prompt market.

History shown
Last traded month
€ 3,6572026-06
vs a year earlier
−50.1%
Volume brokered
39,914 mt
Range over the period
€ 3,460 – 7,350
3,6005,4057,2102025-07 · € 7,013 · 2,068 mt · 34 trades2025-08 · € 6,602 · 2,787 mt · 29 trades2025-09 · € 5,906 · 3,471 mt · 40 trades2025-10 · € 5,023 · 2,993 mt · 35 trades2025-11 · € 4,430 · 3,545 mt · 38 trades2025-12 · € 3,906 · 198 mt · 3 trades2026-01 · € 3,909 · 2,530 mt · 26 trades2026-02 · € 4,450 · 4,780 mt · 31 trades2026-03 · € 4,520 · 6,102 mt · 59 trades2026-04 · € 3,881 · 3,102 mt · 23 trades2026-05 · € 3,891 · 3,410 mt · 27 trades2026-06 · € 3,657 · 4,928 mt · 42 trades2025-072025-092025-112026-012026-032026-06
2026-06
Weighted average€ 3,657
High€ 3,900
Low€ 3,460
Executed trades42
Volume4,928 mt
Traded price, volume-weightedVolume traded387 trades

Months with fewer than two trades are left out rather than drawn as a confident point on a market that barely traded.

By product

Unsalted Lactic Butter 82%

3,7805,3366,8922025-07 · € 7,013 · 2,068 mt · 34 trades2025-08 · € 6,588 · 2,640 mt · 27 trades2025-09 · € 5,927 · 2,948 mt · 34 trades2025-10 · € 5,019 · 2,951 mt · 34 trades2025-11 · € 4,434 · 3,161 mt · 34 trades2025-12 · € 3,906 · 198 mt · 3 trades2026-01 · € 3,909 · 2,508 mt · 25 trades2026-02 · € 4,519 · 3,840 mt · 24 trades2026-03 · € 4,520 · 5,845 mt · 55 trades2026-04 · € 3,881 · 3,102 mt · 23 trades2026-05 · € 3,891 · 3,410 mt · 27 trades2026-06 · € 3,659 · 4,774 mt · 41 trades2025-072025-092025-112026-012026-032026-06
2026-06
Weighted average€ 3,659
Executed trades41
Volume4,774 mt
Traded price, volume-weightedVolume traded361 trades

Unsalted Sweet Cream Butter 82%

4,2966,1818,0662024-11 · € 8,212 · 109 mt · 4 trades2024-12 · € 7,035 · 344 mt · 9 trades2025-01 · € 7,154 · 126 mt · 4 trades2025-02 · € 6,806 · 378 mt · 5 trades2025-03 · € 7,226 · 128 mt · 3 trades2025-04 · € 7,127 · 301 mt · 5 trades2025-05 · € 7,051 · 236 mt · 6 trades2025-06 · € 7,236 · 242 mt · 3 trades2025-09 · € 5,766 · 479 mt · 4 trades2025-11 · € 4,396 · 384 mt · 4 trades2026-02 · € 4,150 · 830 mt · 6 trades2026-03 · € 4,482 · 169 mt · 3 trades2024-112025-012025-032025-052025-092026-03
2026-03
Weighted average€ 4,482
Executed trades3
Volume169 mt
Traded price, volume-weightedVolume traded56 trades

Where the market has been

Monthly average of the bids and offers we worked, per product. Thin months are thin markets — we show the count so you can judge the weight.

  • Butter

    Unsalted Lactic Butter 82%

    3,0045,3367,6672022-092024-042025-10
    2025-10
    Offer—
    Bid€ 4,700
    OfferBid1369 observations
  • Powder

    Skimmed Milk Powder CODEX

    2,1602,5552,9502022-102024-052025-11
    2025-11
    Offer—
    Bid€ 2,100
    OfferBid368 observations
  • Butter

    Unsalted Sweet Cream Butter 82%

    4,1576,1758,1932022-112024-032025-06
    2025-06
    Offer€ 7,275
    Bid€ 7,138
    OfferBid166 observations
  • Cheese

    Gouda 48%

    2,8893,7384,5862022-102023-122025-09
    2025-09
    Offer—
    Bid€ 3,200
    OfferBid182 observations

Recent deals, bids and offers

DateSideProductPrice / mtVolumeOriginTermsPeriod
9 Jul 2026DealPowderSkimmed Milk Powder Non-Standardised€ 2,66596 mt—FCA26-07 → 26-07
9 Jul 2026DealPowderSkimmed Milk Powder CODEX€ 2,615200 mtFRFCA26-07 → 26-07
9 Jul 2026DealPowderSkimmed Milk Powder CODEX€ 2,68025 mt—FCA26-07 → 26-07
9 Jul 2026DealPowderSkimmed Milk Powder Non-Standardised€ 2,58072 mt—FCA26-07 → 26-07
8 Jul 2026DealPowderSkimmed Milk Powder Non-Standardised€ 2,625100 mt—DAP26-07 → 26-08
2 Jul 2026DealPowderSkimmed Milk Powder CODEX€ 2,62578 mtFRFCA26-07 → 26-07
1 Jul 2026DealPowderSkimmed Milk Powder CODEX€ 2,56048 mtFRFCA26-07 → 26-07
29 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,19066 mtBE, DE, NLFCA27-01 → 27-03
29 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,225132 mtBE, DE, NLFCA27-01 → 27-03
29 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,025132 mtBE, DE, NLFCA27-01 → 27-03
29 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,600110 mtBE, DE, NLFCA26-08 → 26-09
26 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,050198 mtBE, DE, NLFCA27-01 → 27-03
26 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,640198 mtBE, DE, NLFCA26-06 → 26-09
25 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,84066 mtBE, DE, DK, FR, IE, NL, SEFCA26-10 → 26-12
25 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,600132 mt5 originsFCA26-07 → 26-08
24 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,60022 mt—FCA26-07 → 26-07
24 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,60022 mt—FCA26-07 → 26-07
24 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,57544 mt—FCA26-07 → 26-07
24 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,750110 mtBE, DE, NLFCA26-10 → 26-10
24 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,05066 mtBE, DE, NLFCA27-01 → 27-03
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,800132 mtBE, DE, DK, FR, IE, NL, SEFCA26-10 → 26-12
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,800198 mt6 originsFCA26-10 → 26-12
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,560220 mtBE, DE, NLFCA26-07 → 26-08
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 4,075264 mt—FCA27-01 → 27-03
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,825264 mt2 originsFCA26-10 → 26-12
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,620198 mt2 originsFCA26-07 → 26-08
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,55066 mtBE, DE, NLFCA26-07 → 26-07
23 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,85066 mtBE, DE, NLFCA26-10 → 26-12
22 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,54044 mt2 originsFCA26-07 → 26-07
22 Jun 2026DealCheeseGouda 48%€ 2,95066 mt2 originsFCA26-07 → 26-09
22 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,675132 mtBE, DE, NLFCA26-07 → 26-09
22 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,50022 mtBE, DE, NLFCA26-06 → 26-06
19 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,55066 mtIEFCA26-07 → 26-07
19 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,55044 mtBE, DE, NLFCA26-08 → 26-08
19 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,55044 mt—FCA26-08 → 26-08
18 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,85066 mtBE, DE, NLFCA26-10 → 26-12
18 Jun 2026DealCheeseGouda 48%€ 2,950132 mt2 originsFCA26-07 → 26-09
18 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,900132 mtBE, DE, NLFCA26-10 → 26-12
18 Jun 2026DealButterUnsalted Lactic Butter 82%€ 3,90066 mtBE, DE, NLFCA26-10 → 26-12
18 Jun 2026DealCheeseGouda 48%€ 2,86044 mt—FCA26-07 → 26-07

Showing 40 of 600

Milk valorization calculator

What is your milk worth if you turn it into butter and powder instead of cheese? Enter today's prices and see the return per litre.

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