Dry Whey Prices Hit Record Highs

U.S. dry whey prices reached record levels in October as exports surged.

Updated on Nov. 6, 2026 in Inflation

Isometric editorial illustration of a tall stainless-steel tower beside a single plain tank rail car in muted oxblood, teal, and mustard tones. — U.S. dry whey prices hit their highest level since CME trading began in 2018 in October as export demand surged to a record in August. AI Illustration. Upload story photo >

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CME dry whey prices reached their highest level since trading began in 2018 in October. August dry whey exports set an all-time record even as production increased.

Why it matters

Strong export demand and growing competition for dairy proteins tightened available domestic supplies. Higher prices could eventually slow demand, particularly as consumers face tighter budgets.

Southeast Asian buyers purchased 94% more U.S. dry whey than a year earlier, and about 68% of U.S. production was exported in August compared with 49% last year. The extraction does not indicate how long these export levels will be sustained.

The details

Manufacturers increasingly directed the whey stream toward higher-value whey protein concentrates, while exports to Canada nearly quadrupled and domestic dry whey use declined.

August: Dry whey exports set an all-time record and about 68% of production was exported.
October: U.S. dry whey prices reached record levels.

Market Landscape

The record prices follow the start of CME dry whey trading in 2018, extending that series to its highest level in the market's history. The shift reflects manufacturers redirecting whey toward higher-value whey protein concentrates amid strong export competition.

Higher dry whey prices could eventually affect the cost of dairy-based products as manufacturers respond to tighter supplies. The extraction does not specify how quickly any price changes would reach consumers.

The takeaway

Record commodity prices can ripple from export markets back to household budgets, so tracking dairy input costs helps explain future grocery price shifts.