MD_DA771

     Whey Protein Concentrate - Central and Western U.S.

     Report 15 - Released on April 09, 2020

     While the price range for whey protein concentrate 34% held steady, the mostly price series
     expanded. Industry contacts describe a divergence between the top and bottom of the WPC34%
     market. WPC34% that can be easily substituted by other dairy proteins is weak and under
     pressure from lower nonfat dry milk prices. Prices for these brands of WPC34% need to be
     closer to the prices of nonfat in order to pique any limited buyer interest. WPC34% that
     cannot be easily substituted, such as WPC34% for infant formula and some confectionary
     markets, is in higher demand. End users are seeking added loads when possible. Prices for
     WPC34% that meets infant formula requirements are firm and often at the top of the range or
     top of the mostly price series. Inventories of WPC34% are available to tight depending on
     brand. Production is steady.


     DAIRY MARKET NEWS MONTHLY AVERAGES
     The March 2020 Dairy Market News average of the mostly price series for Central and West
     whey protein concentrate 34% is $1.0148, compared to $1.0140 in February and $.9025 one
     year ago.


     Prices for: Central and Western U.S., All First Sales, F.O.B., Extra Grade, Conventional,
     and Edible Whey Protein Concentrate
     Price Range - 34% Protein; $/LB:                       .9000 - 1.1900
     Mostly Range - 34% Protein; $/LB:                      .9300 - 1.1000

     Information for the period April 6 - 10, 2020, issued weekly

     Secondary Sourced Information:

     DAIRY PRODUCTS REPORT – WHEY DERIVATIVES SUMMARY
     Released April 2, 2020, by the National Agricultural Statistics Service (NASS), Agricultural
     Statistics Board, United States Department of Agriculture (USDA).

     Selected Whey Derivatives Production – United States
                      Monthly Production (1000 pounds)   Percent Change from
                               Feb        Jan        Feb       Feb      Jan
     Product                  2019       2020       2020      2019     2020
     Whey Protein Concentrate, human and animal
       25.0-49.9 percent    15,048      16,361    13,437     -10.7    -17.9
       50.0-89.9 percent    24,247      25,574    22,599      -6.8    -11.6
     Whey protein isolates, 90.0 percent or greater
                             8,884       9,333     8,843      -0.5     -5.3

     Selected Whey Derivatives – Cumulative Production January - February
                    Cumulative Production (1000 pounds)  Percent Change from
     Product                  2019       2020       2019
     Whey Protein Concentrate, human and animal 1
       25.0-49.9 percent    32,983     29,798       -9.7
       50.0-89.9 percent    49,482     48,173       -2.7
     Whey protein isolates, 90.0 percent or greater 1
                            20,621     18,176      -11.9
     1. Values are calculated from Dairy Products report data.

     Manufacturers' stocks end of month 2
                      End of month stocks (1000 pounds)  Percent Change from
                               Feb        Jan        Feb       Feb      Jan
     Product                  2019       2019       2020      2019     2019
     Whey Protein Concentrate, human and animal
       25.0-49.9 percent    27,805     27,011     27,298      -1.8      1.1
       50.0-89.9 percent    35,222     39,113     37,788       7.3     -3.4
     Whey protein isolates, 90.0 percent or greater
                            20,394     15,296     15,912     -22.0      4.0
     2. Stocks held by manufacturers at all points and in transit.

     U.S. WPC < 80% EXPORTS, H.S. CODE 0404100500(FAS)
                      2020 Exports      % Change From
                      (Million Lb.)       1 Year Ago

     FEBRUARY Total          18.2          + 31

     TOTAL, JAN - FEB        47.7          + 44
      1 China                14.4          + 185
      2 Mexico                8.6          - 19
      3 Canada                5.9          + 15
      4 Philippines           4.7          + 47
      5 Singapore             3.1          + 120

     Published by:
     Dairy Market News - Madison, WI
     MIKE BANDLI, (608)422-8592
     Email: mike.bandli@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