Free webinar
The Dairy Café
A bi-weekly market update hosted by Jasper Endlich, Market Intelligence Analyst for Dairy. Delve into our latest findings and discover unique industry insights.
- Butter, cheese and milk powder prices
- Whey and milk protein markets
- Milk supply in Europe, the US and New Zealand
- The outlook for the coming months
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Amsterdam
16:30
Thu 19 Nov · CET · 30 min
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Your host
Jasper Endlich
Dairy & Oils Analyst
Jasper Endlich is a Senior Market Insight Analyst at Vesper, covering European and global dairy markets across butter, SMP, WMP, cheese, and the fast-moving whey and milk protein complex. Since joining Vesper in 2021, he has helped build and maintain the Vesper Price Index for EU Butter and SMP, a benchmark that follows BMR standards and that Euronext selected to settle its dairy futures and that is now listed on the Bloomberg portal. He hosts The Dairy Café, Vesper's bi-weekly dairy market webinar. Jasper's market reads are regularly quoted in the trade and national press, including The Guardian's reporting on the global whey protein shortage. He holds an MSc in Engineering and Policy Analysis and a BSc from Delft University of Technology, and brings a quantitative, data-driven approach to dairy fundamentals. He is based in Haarlem, Netherlands.
Jasper on LinkedInPrevious sessions
Latest episode, 5 November 2026 Butter falls below SMP, cheese squeezes, whey slides
Topics discussed
- Welcome: what to expect in dairy until Christmas
- Why is cheese so hard to find?
- Butter: old stock and weaker prices
- Is weak retail demand pushing butter onto the market?
- How low can European butter go?
- US butter stocks swing 60 million pounds
- Butter falls below SMP for the first time
- Milk protein stays tight
- Is WPC easier to get than SMP?
- Milk and whey protein: one dairy protein market
- Why whey falls faster in Europe than in the US
- Sweet whey powder and record US dry whey exports
- Outlook for the next two months
- Feed costs, the UK and wrap-up
- Intro
- Welcome: Euronext's butter and SMP futures are live
- How to follow the Euronext futures in Vesper
- Fat versus protein: butter and SMP only 80 euros apart
- US cheese jumps from $1.27 to $1.80 a pound
- Is the cheese rally domestic demand or exports?
- European cheese, and WPC 80 keeps falling
- Will weaker whey drag SMP down?
- WPI versus WPC 80
- Butter: oversupplied until mid 2027?
- Milk output in France, Germany, the UK and the US
- New Zealand's milk season keeps growing
- Why dry whey prices are high in Europe
- SupplySide, takeaways and wrap-up
- Intro
- Welcome, and Augustin Firino Martell of Euronext
- Market update: butter and milk protein volatility
- What Euronext and MATIF are
- Butter and SMP futures and options launching 19 October
- Why the futures settle on the Vesper Price Index
- Liquidity providers and the fee holiday
- How to see prices and trade
- How Vesper made the VPI benchmark compliant
- VPI methodology: collection, quality control, calculation, publication
- Why it matters if you trade futures
- Could it bring new participants into the market?
- Why it matters if you don't trade futures
- Q&A: VPI vs EEX PAN-EU butter
- Wrap-up
- Intro
- Welcome, and all three hosts in one room
- What's new at Vesper: the commodity agent
- Why milk powders are the topic this time
- Fat: cream comes off its highs and butter stays weak
- Whey: offers start to slip while buyers hold off
- The arbitrage between the US and European whey markets
- From whey protein to protein in general
- What is pulling SMP in several directions at once
- The switch out of WPC34 into skim milk powder
- SMP was near 2,000 euros in January and is above 3,000 now
- Production: do not be fooled by plus 26%
- So it is demand: China and Southeast Asia
- EU and New Zealand exports pick up what the US leaves
- How the import and export widget works
- Does the demand justify 35 to 60% year on year?
- What the backwardated futures are saying
- Why the US trades 400 to 500 dollars above the rest
- Whole milk powder below skim in New Zealand
- Why European whole milk powder moved up so fast
- Next time: cheese
- Intro
- Welcome and what the Dairy Cafe is
- Butter: global oversupply keeps the fat market weak
- Why AMF moved up while butter stayed flat
- Milk output, the heatwave and the feed question
- Milk powder turns: protein starts pulling
- Three drivers behind the SMP move
- Cheese and whole milk powder
- Proteins: reformulation and the MPC switch
- WPC80: what the benchmark is not showing
- Does GLP-1 keep protein demand high?
- The vegetable oil precedent and "protein plus"
- New protein capacity in Europe, the US and New Zealand
- Canada and US tariffs, and who they hurt
- Key takeaway for buyers
- Welcome and Topic Setup
- Milk Availability and Summer Volatility
- Is This a Market Shift
- Quick Global Market Update
- Powders Demand and NZ Supply
- Butter Weakness and Stock Overhang
- Whey and Protein Markets Outlook
- Transition to Fundamentals Deep Dive
- Europe Milk Output Trends
- Weather Driven Output Swings
- Milk Price and Farm Margins
- Heat Stress and Weather Tools
- Europe Herd Stability
- Whey Boosts Milk Price
- Sweet Whey Price Outlook
- US Milk Growth Story
- Margins Feed and Prices
- Herd Size Drives Output
- Rising Milk Fat Yields
- Butter Exports and Stocks
- New Zealand Seasonal Ramp
- Pasture Weather and El Nino
- Wrap Up and Next Episode
- Welcome Back Dairy Cafe
- Why Two Weeks Running
- Cheese Focus And Two Ws
- Home Feed Returns
- Gouda Update Workflow
- SMP Prices Converge
- Cheese Market Turns Up
- Weather Impact On Cheese
- Milk Valorization Drives Cheese
- Whey Value Changes Everything
- Capacity Growth And Competition
- Demand And Retail Trends
- Exports And FX Effects
- Will US Dairy Flow To Europe
- UK Cheddar Supply Pressure
- Whey Powder Index Surprise
- Model Updates And Wrap Up
- Welcome Back Crew
- Jasper Returns Market Check
- Heatwave Spot Milk Signal
- Butter Spreads Fresh Frozen
- Skim Concentrate Spike
- Milk Drop Protein Impact
- French Output Recovery
- Cheese Rally After Heat
- Whey Proteins Flattening
- MPC Versus WPC Substitution
- US Pricing Multiplier Explained
- Tariffs Canada Trade Flows
- Dashboard Tips Wrap Up
- Welcome and Introductions
- World Cup Banter
- Heat Wave and Milk Output
- Protein Demand Check In
- Price Charts and Market Pause
- WPI vs WPC Spread
- Retail Inflation Pass Through
- Demand Shift and GLP 1
- MPC Substitution and Hedging
- Plant Based and Reformulation
- Supply Capacity Outlook
- When Prices Soften
- Wrap Up and Where to Meet
- Welcome and Weather Update
- Market Movements and Government Shutdown
- Marketplace Results and European Butter
- Global Market Update
- European and US Dairy Market Analysis
- Milk Production and Export Needs
- US Dairy Market and Production Figures
- Butter Market and Export Dynamics
- Cheese Market Trends and Export Opportunities
- New Forecasting Features and Conclusion
Select a topic to jump to that point in the recording.
Earlier episodes
31 minsLatest episode, 5 November 2026Butter falls below SMP, cheese squeezes, whey slides
32 minsEuronext futures are live: cheese jumps, whey cools
32 minsButter and SMP futures what to know before launch
30 minsMilk and milk powders how tight is Q4 really?
30 minsWhat’s next for dairy proteins? WPC, MPC, and SMP/NFDM
32 minsThe milk fundamentals: What the EU, US & New Zealand are telling us
32 minsReading the cheese market: Weather, whey and the tools to track it
31 minsHeat, holidays and H2: reading the dairy market
35 minsWPC80/WPI Pricing, Demand Shifts, MPC Substitution & Supply Outlook
30 minsWEBINAR Dairy Cafe
31 minsdairy market outlook: plenty moving beneath a quiet surface
31 minsWhy butter & cheese are bending while proteins hold the line
32 minsThe post-ADPI read on US dairy
32 minsReading the dairy market as flush season takes hold
31 minsProtein markets under pressure: numbers, drivers & outlook
33 minsWhat’s really driving the US dairy squeeze?
31 minsTightening supply, shifting trade routes, and how to position for what's ahead
31 minsAn update on the global dairy market
29 minsMilk powders mixed message: sentiments vs. fundamentals
31 minsGlobal dairy market update and new platform release
59 mins1-hour dairy market recap 2025 & Q1 2026 outlook
32 minsUnderstanding the impact of the global milk supply wave
31 minsIs the U.S. Dairy Export Strategy Working?
31 minsHow whey protein became bullish in a bearish dairy market
32 minsWhere is the global dairy demand heading?
32 minsWhere is the dairy market heading in Q4?
31 minsDairy markets in free fall: Strategic insights for volatile times
29 minsDecoding the fundamentals behind the butter price dip
30 minsMid-summer dairy update: all categories explained
29 minsGlobal dairy price update & NZ’s upcoming milk season
33 minsCurrency, tariffs & supply chains: what procurement needs to know
"Big compliments for the Dairy Cafe webinar. The hosts are always very interesting, knowledgeable and cover a great breadth of material."
Ashley Davis
Head of Commodity Risk Management, Aryzta