November market report
An October plummet in domestic nonfat dry milk spot prices means protein powder markets are the talk of the industry.
The drop-off comes after months of relative stability in the market. After hitting a high of $1.0525 in early January, the market wavered in a range of $0.7900 – 0.9000 all spring. Then, in mid-June, it settled into a trading range of between $0.8050 and $0.8800 and stayed there until Oct. 10. That’s when a breakout sent prices down five cents in nine days.
It’s odd for this to happen in October. Normally, this is the time to prepare for holiday orders and the next year’s contracts. That activity sends signals to the market responsible for its cyclical wintertime peak.
But none of those signals has come, markets remain weak and we’re digging in to try to explain what’s happening. We think it’s due to the factors explained below:
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