MD_DA540

     Dry Whey - Western U.S.

     Report 14 - Released on April 04, 2019

     In the West, dry whey prices are steady on the range and the mostly price series. Generally,
     interest from the global market is lower, while domestic customers seem to be taking mostly
     stable to fewer load numbers. The African Swine fever continues to affect Chinese buying
     decisions as they have lost a significant portion of their hog population recently and do
     not need as much dry whey. Although some domestic buyers are backing off from the market as
     they await to see how low of a price they can pay in the future, supplies of dry whey are
     reported in balance with demand in some areas while in others they are increasing. Dry whey
     output remains active; however, some manufacturers are shifting to higher whey protein
     concentrations to better manage their inventories.

     The DMN monthly average of the mostly price series for West dry whey during March was
     $0.3976 compared to $0.4405 one month ago and $0.2543 a year ago.
     Prices for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and
     Edible Dry Whey
     Price Range - Non-Hygroscopic; $/LB:                   .2575 - .4750
     Mostly Range - Non-Hygroscopic; $/LB:                  .3300 - .4375

     Information for the period April 1 - 5, 2019, issued weekly

     Secondary Sourced Information:

     The Extra Grade Dry Whey price at the CME Group on Wednesday closed at $.3450, compared to
     the weekly average price of $.3225 from last week.

     The CME Group monthly average price for dry whey during March was $.3304, compared to
     $.3559 a month ago.

     Dairy Products Report ± Whey Summary
     Released April 3, 2019, by the National Agricultural Statistics Service (NASS), Agricultural
     Statistics Board, United States Department of Agriculture (USDA).


     Dry Whey (Human) Production ± States and United States
                     Monthly Production (1000 pounds)   Percent Change from
                          Feb.       Jan.       Feb.       Feb.     Jan.
     Region               2018       2019       2019       2018     2019
     United States      88,836     79,703     73,675      -17.1     -7.6

      Atlantic          19,310     21,706     18,735       -3.0    -13.7

      Central           39,990     31,347     29,528      -26.2     -5.8
       Wisconsin        28,782     21,735     20,481      -28.8     -5.8

      West              29,536     26,650     25,412      -14.0     -4.6

     Dry Whey ± Cumulative Production January - February
                   Cumulative Production (1000 pounds)  Percent Change from
     Dry Whey             2018                  2019                2018
     Total1            179,918               156,150               -13.2
     Human2            176,923               153,378               -13.3
     1. Excludes all modified dry whey products.
     2. Values are calculated from Dairy Products report data.

     Manufacturers' stocks end of month3
                     End of month stocks (1000 pounds)  Percent Change from
                          Feb.       Jan.       Feb.       Feb.     Jan.
     Dry Whey             2018       2019       2019       2018     2019
     Human              86,894     78,721     85,948       -1.1      9.2
     Animal              1,443        706        707      -51.0      0.1
     Total              88,337     79,427     86,655       -1.9      9.1
     3. Stocks held by manufacturers at all points and in transit.
     Published by:
     Dairy Market News - Madison, WI
     FLORENCE KONE-GONZALEZ, (608)422-8594
     Email: Florence.KoneGonzalez@ams.usda.gov

     Additional Dairy Market News Information:
     Dairy Market News (DMN) by Phone: (608)422-8602
     DMN Website: https://www.ams.usda.gov/market-news/dairy
     DMN MARS (My Market News): https://mymarketnews.ams.usda.gov/