Tight supplies continue to drive the dry whey market upward. Spot dry whey gained a nickel to settle at $0.6200 per pound. That was the highest price since April 2022 and the biggest single-day jump since August 2021. Most other markets logged gains, though less dramatic ones.
Spot butter climbed back over the $3.10 mark to close at $3.1025 per pound, up 1.5 cents, with nine lots trading. NDM also advanced, adding $0.0075 to reach $1.2475 per pound. Five loads changed hands. In cheese, blocks were unchanged, while barrels got closer to $2, ending the session at $1.9875 per pound, $0.0125 higher, with one load exchanged.
Dry whey’s climb extended into the futures market, with settlements rising through December 2025. July 2025 settled limit up (+4 cents) at $0.5200 per pound. Fourth quarter dry whey lifted to $0.5850 per pound, tacking on $0.0276. On the grain side, soybeans continued to slip. The August contract dropped to $10.2725 per bushel, shedding 27.5 cents.
The latest GlobalDairyTrade Pulse event was mixed for milk powders. SMP declined to $2,480 per metric ton, or $1.12 per pound, down 0.6% on a Pulse-to-Pulse basis, and -1.5% from Contract 2 at the latest main auction. WMP settled at $3,100 per metric ton, or $1.41 per pound, up 0.2% versus the most recent Pulse, but down slightly compared to Contract 2 at the previous main event.
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