The Latest: September - 2026
Protein Reigns Supreme in the GLP-1 Era
Protein reigns supreme over the dairy complex. In the GLP-1 era, consumers are hungry for protein in all forms, and dairy delivers. Whey proteins are particularly desirable thanks to their neutral flavor. Food processors covet whey powders, protein concentrates (WPCs), and protein isolates (WPIs) as they seek to improve nutritional labels without sacrificing on taste or texture. Demand for WPC with at least 80% protein has faded as prices have climbed high enough to push buyers to alternative sources, including milk protein concentrate. But food makers continue to snap up WPC-34 and WPIs.
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This weeks rise in cheese prices in an already lofty market are truly impressive. Last week’s Cold Storage report showed an astounding drawdown in cheese inventories, and the spot markets suggest that fresh supplies are tight.
View reportDespite the rough week in the dairy pits, dairy product prices and Class III values in particular will soon find their footing.
View reportThe spot markets have been buoyed by robust near-term fundamentals. However, dairy futures were far from exuberant this week and some new clouds have moved onto the horizon.
View reportThe stock market suffered its worst losses of the year on Monday but the U.S. dairy markets remain firmly supported as milk tightens. On Monday, USDA will publish its much-anticipated Acreage and Crop Production reports. Next week could be volatile.
View reportAlthough the bulls did not assert themselves this week, the bears are not in charge. Aside from the break from the extreme heat, all the factors that propelled the markets to their recent peak remain in play.
View reportDairy producers would surely prefer the energy of the early-stage rally to today’s more plodding progress. The plateau is a sign of healthy markets at work.
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