Expana to Launch 3 Monthly Dairy EBP

Following a period of market feedback, Expana has decided to launch monthly Expana Benchmark Prices (EBP) for North American Nonfat Dried Milk and Sweet Whey Powder. The monthly assessment will be launched on Thursday, July 31st,2025.

The initial proposal was announced in a market note published on Thursday, June 26th,2025, which can be viewed here.

The proposed specification for the assessment will be as below:

Assessment Name	Code	Quality	Incoterm	Quantity	Currency	Unit	Publication Schedule
Nonfat Dried Milk EXW Mexico	NFDMM	Nonfat dry milk (NFDM); Low/medium Heat; 34-37% protein; Food grade; Expana Benchmark Prices (EBP)	EXW Mexico	Min. 19mt; Packed in 25kg bags	$	mt	Americas, Monthly, Last business day of the month
Sweet Whey Powder EXW Mexico	SWPM	Sweet whey powder (SWP); Food grade; Expana Benchmark Prices (EBP)	EXW Mexico	Min. 19mt; Packed in 25kg bags	$	mt	Americas, Monthly, Last business day of the month
Nonfat Dried Milk (high heat) EXW United States	NFDMH	Nonfat dried milk (NFDM); High heat; <2.0 ml solubility, <1.50 mg/g WPN heat treatment; 34-37% protein; Food grade; Expana Benchmark Prices (EBP)	EXW United States	Min. 19mt; Packed in 25kg bags	$	lb	Americas, Monthly, Last business day of the month

The assessment would reflect the transactable value at 16:00:00 US Eastern Standard Time.

The United States is a key producer and exporter of dairy products globally, producing 15% of the world’s total dairy. The added EBP complements Expana’s existing dairy coverage in North America.

Mexico dominates as the largest importer of US dairy powders, with total imports reaching $2 billion in 2024. This strong demand extends into 2025; in April alone, Mexico was the top buyer of NFDM, importing volumes that are attributed to more than double those of the second-largest destination. NFDM plays a crucial role across Mexico’s dairy sectors, used widely for fortifying cheese and yogurt, as well as in confectionery and baked goods applications. The proximity of the US and competitive prices on US products create strong trade ties between the US and Mexico.

Sweet whey powder is another key dairy product that is exported from the US to Mexico, playing an increasingly important role in cross-border dairy trade. As of 2025, Mexico ranks as the third-largest importer of US sweet whey powder, bringing in an average of 3,000 mt each month. Applications include anything from baked goods and animal feed to fortifying other dairy products. With its strong export performance, sweet whey powder stands out as a strategic component in the US-Mexico dairy trade.

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