There is a big difference between the markets for SWP, Whey Permeate, and Lactose versus higher proteins such as WPC80 and WPI. The lower protein markets have seen strong production throughout the year and have been able to utilise the additional demand over the past months to move from a bearish to a stable market. The higher protein markets have seen lower production throughout most of the year, which has now created a restless market where processors are not able to find enough product, and prices are rising faster than they came down.
Due to the sharp increase in WPC80 and WPI pricing, we see that the production of higher proteins is starting to pick up at the expense of lower proteins. Sooner or later, that should start to bring all prices back in line with each other. Still, as higher protein prices are on the rise, the question seems to be: how far will the entire whey complex move up?
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