GFD Data

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: 4,623
Volume: 470,951 mt
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 2026

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.

countries of origin brokered

Tonnes brokered per year

5k2022*
59k2023
58k2024
85k2025
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%
Range over the period: € 3,657 – 7,013
Volume brokered: 39,914 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%

Traded price, volume-weightedVolume traded361 trades

Unsalted Sweet Cream Butter 82%

Traded price, volume-weightedVolume traded54 trades

Unsalted lactic butter

Traded price, volume-weightedVolume traded259 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
OfferBid1335 observations
Powder
Skimmed Milk Powder CODEX
OfferBid368 observations
Butter
Unsalted sweet cream butter
OfferBid166 observations
Cheese
Gouda
OfferBid182 observations

Recent deals, bids and offers

Date	Side	Product	Price / mt	Volume	Origin	Terms	Period
9 Jul 2026	Deal	PowderSkimmed Milk Powder Non Standerdized	€ 2,665	96 mt	GB	FCA	26-07 → 26-07
9 Jul 2026	Deal	PowderSkimmed Milk Powder CODEX	€ 2,615	200 mt	FR	FCA	26-07 → 26-07
9 Jul 2026	Deal	PowderSkimmed Milk Powder CODEX	€ 2,680	25 mt	BE	FCA	26-07 → 26-07
9 Jul 2026	Deal	PowderSkimmed Milk Powder Non Standerdized	€ 2,580	72 mt	GB	FCA	26-07 → 26-07
8 Jul 2026	Deal	PowderSkimmed Milk Powder Non Standerdized	€ 2,625	100 mt	NL	DAP	26-07 → 26-08
8 Jul 2026	Deal	PowderButter Milk Powder	€ 2,535	81 mt	FR	DAP	26-07 → 26-07
6 Jul 2026	Deal	PowderFull Cream Milk Powder	€ 3,040	66 mt	NL	DAP	26-07 → 26-08
2 Jul 2026	Deal	PowderSkimmed Milk Powder CODEX	€ 2,625	78 mt	FR	FCA	26-07 → 26-07
1 Jul 2026	Deal	PowderSkimmed Milk Powder CODEX	€ 2,560	48 mt	FR	FCA	26-07 → 26-07
29 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,190	66 mt	NL, BE, DE	FCA	27-01 → 27-03
29 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,225	132 mt	NL, DE, BE	FCA	27-01 → 27-03
29 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,025	132 mt	NL, BE, DE	FCA	27-01 → 27-03
29 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,600	110 mt	NL, DE, BE	FCA	26-08 → 26-09
26 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,050	198 mt	NL, BE, DE	FCA	27-01 → 27-03
26 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,640	198 mt	NL, BE, DE	FCA	26-06 → 26-09
25 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,840	66 mt	NL, BE, DE, DK, SE, FR, IE	FCA	26-10 → 26-12
25 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,600	132 mt	NL, BE, DE, DK, SE	FCA	26-07 → 26-08
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,925	132 mt	NL, BE, DE	FCA	26-12 → 26-12
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,600	22 mt	—	FCA	26-07 → 26-07
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,600	22 mt	DE	FCA	26-07 → 26-07
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,575	44 mt	DE	FCA	26-07 → 26-07
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,700	176 mt	NL, BE, DE	FCA	26-09 → 26-09
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,750	110 mt	NL, BE, DE	FCA	26-10 → 26-10
24 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,050	66 mt	NL, BE, DE	FCA	27-01 → 27-03
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,800	132 mt	NL, BE, DE, DK, SE, FR, IE	FCA	26-10 → 26-12
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,800	198 mt	NL, BE, DE, FR, DK, SE	FCA	26-10 → 26-12
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,560	220 mt	NL, BE, DE	FCA	26-07 → 26-08
23 Jun 2026	Deal	ButterUnsalted Sweet Cream Butter 82%	€ 3,600	154 mt	GB, IE	FCA	26-07 → 26-07
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 4,075	264 mt	—	FCA	27-01 → 27-03
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,825	264 mt	NL, BE	FCA	26-10 → 26-12
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,620	198 mt	GB, IE	FCA	26-07 → 26-08
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,550	66 mt	NL, BE, DE	FCA	26-07 → 26-07
23 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,850	66 mt	NL, BE, DE	FCA	26-10 → 26-12
22 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,540	44 mt	SE, DK	FCA	26-07 → 26-07
22 Jun 2026	Deal	CheeseGouda 48%	€ 2,950	66 mt	NL, DE	FCA	26-07 → 26-09
22 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,675	132 mt	NL, BE, DE	FCA	26-07 → 26-09
22 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,500	22 mt	NL, DE, BE	FCA	26-06 → 26-06
19 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,550	66 mt	IE	FCA	26-07 → 26-07
19 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,550	44 mt	NL, BE, DE	FCA	26-08 → 26-08
19 Jun 2026	Deal	ButterUnsalted Lactic Butter 82%	€ 3,550	44 mt	—	FCA	26-08 → 26-08

Showing 40 of 600

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