MD_DA530

     Dry Whey - Central U.S.

     Report 14 - Released on April 04, 2019

     Dry whey market tones remain unsteady, as mostly prices saw a decline this week. Centrally,
     however, the market is holding a little steadier than the Western region, where supplies are
     widely available. Trading, in general within the region, was somewhat quiet. Inventories,
     however, are expected to build shortly as cheese markets, and thus cheese production, have
     begun to show more signs of life. Contacts suggest, for the first time since early/mid
     2018, higher protein blends are starting to become more available. This, they suggest, may
     be yet another bear in an already crowded den. Animal feed whey market tones were
     understated this week, as prices remained steady.

     The DMN monthly average of the mostly price series for Central dry whey during March was
     $0.4163, compared to $0.4416 in February. The monthly average of the range price series for
     Central animal feed whey during March was $0.3105, compared to $0.3376 in February.
     Prices for: Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and
     Edible Dry Whey
     Price Range - Animal Feed; $/LB:                       .2700 - .3300


     Prices for: Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and
     Edible Dry Whey
     Price Range - Non-Hygroscopic; $/LB:                   .3125 - .4600
     Mostly Range - Non-Hygroscopic; $/LB:                  .3500 - .4450

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

     Secondary Sourced Information:

     The CME Group monthly average price for Extra Grade Whey during March was $0.3304, compared
     to $0.3559 in February.

     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
     ISRAEL WEBER, 608-422-8601
     Email: israel.weber@usda.gov

     Additional Dairy Market News Information:
     Dairy Market News (DMN) by Phone: (608)422-8602
     DMN Website: http://www.ams.usda.gov/market-news/dairy
     DMN Database Portal: http://www.marketnews.usda.gov/mnp/da-home