ARLINGTON, VA – U.S. dry whey prices reached record levels in October as strong export demand and growing competition for dairy proteins tightened available supplies.
The National Milk Producers Federation Dairy Market Report says CME dry whey prices reached their highest level since trading began in 2018. August dry whey exports also set an all-time record despite increased production.
Southeast Asian buyers purchased 94% more U.S. dry whey than a year earlier, while exports to Canada nearly quadrupled. About 68% of U.S. dry whey production was exported in August compared with 49% last year.
Domestic dry whey use declined as manufacturers increasingly directed the whey stream toward higher-value whey protein concentrates. Demand remains strong for protein ingredients used in food, beverage and nutrition products.
The report says higher prices could eventually slow demand, particularly as consumers face tighter budgets. Whey protein concentrate and isolate buyers are already showing some resistance to elevated prices.
Farm-Level Takeaway: Strong export and protein demand is supporting whey values, but high prices could eventually limit further consumption growth.