According to USDA’s latest “Dairy Products” report, dry whey production has increased seasonally in the first four months of the year, but still remains below year-ago levels. (Output in the January-April period was 356.3 million lbs., down 5.8% from last year (adjusted for leap day), and the lowest since 2005. WPC production was also lower – down 6.6% (again, adjusted for leap day).

 

On April 30, manufacturers stocks of dry whey were 48.8 million lbs., down 14.6% from a year earlier, and the lightest level in nearly two years.

 

Whey futures have held mostly steady for the last six weeks. Contracts covering the second half of the year average 29.7¢, down 0.3¢ since May 1.