A new standard within dairy risk management
StoneX and Expana are building the infrastructure the global dairy industry has always needed. Independent, IOSCO-assured benchmarks underpinning a growing suite of OTC contracts that give market participants a direct way to manage price risk.
Dairy risk management has a new benchmark
Dairy is a global, multi-billion dollar industry. It feeds demand across some of the world’s most price-sensitive markets, and it moves on volatile, interconnected commodity prices that can shift sharply and without warning.
Managing that complexity demands the right tools. StoneX and Expana are expanding what’s available, bringing new, purpose-built instruments to parts of the market where participants have had fewer options, and where demand for better risk management is growing.
The partnership
StoneX brings unmatched reach and depth across global OTC and futures dairy markets. Expana delivers independently assessed, IOSCO-assured benchmark prices built to the highest standards of integrity and transparency.
Together, we are combining that reach and that rigour to build something the market has been waiting for – contracts that reflect real commercial flows, underpinned by prices every counterparty can trust.
The benchmark foundation
Every contract in this suite is underpinned by an Expana benchmark price, assessed under a fully IOSCO-assured methodology.
IOSCO assurance is the global standard for price reporting integrity. It means independent audit, transparent methodology and a price that holds up to scrutiny from every side of the market. When the benchmark is robust, confidence in the contract built on it follows.
Who this is for
These contracts are built to serve the whole market.
Producers can lock in margins on output. Traders can manage spread and basis risk across the value chain. End users can protect input costs against volatility. The framework is designed to be flexible enough to work for any position and comprehensive enough to cover the full FFMP value chain and beyond.
Stone X customers can access the contracts within their existing trading workflow and can also use StoneX Plus to view and analyse historical FFMP prices and other selected Expana Dairy Benchmarks.
Available contracts
Fat Filled Milk Powder – EXW EU 28%, Spot
The first contract in the suite. FFMP is one of the most widely traded dairy-related commodities in the world, and until now had no dedicated hedging instrument. Producers, traders and end users can now hedge the finished good directly, or manage exposure to the underlying inputs: SMP, skim milk powder and palm oil.
More products coming
Coverage will expand to additional dairy products over time. If you have a specific exposure you want to discuss, talk to the StoneX dairy team.
Talk to the StoneX dairy team
Explore the contracts available and find out how to start managing your dairy exposure today.