The Latest: November - 2026
Spot Whey Powder All Time High
The protein bulls galivanted through LaSalle Street, and CME spot whey powder struck a new all-time high. Spot whey powder jumped 7ȼ this week to 91ȼ per pound. The 8% increase marked the whey market’s first foray into the 90s in its eight-year tenure at the spot market. USDA’s Dairy Market News reports that whey powder demand is “steady to strong.” And some October processing downtime and production issues tightened supplies. Manufacturers continue to concentrate as much whey as possible, but there’s still plenty of raw whey leftover. Through September, whey powder production was up 7.8% year-over-year.
View Report
Judgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.
View reportThe bulls are still bruised after getting walloped in mid-September, when spot cheese staged an invigorating climb followed by a dramatic collapse.
View reportThe fundamentals of the milk powder market seem particularly healthy, and the bulls are roaming free.
View reportAfter much volatility, the boundaries are becoming clearer. The spread between blocks and barrels narrowed, adding another layer of uncertainty to the already complex cheese markets.
View reportAfter rocketing higher last week, CME spot Cheddar blocks continued to soar. But, the cheese markets are likely to remain volatile.
View reportThough the bulls made headway, their progress was laborious. Each week they argued that tighter milk supplies and falling cheese inventories should lift prices. Now, the bulls are clearly in charge.
View report