SWP
Price developments in the US and the EU diverge
Europe
Feed whey powder suddenly started losing ground
The feed side of the SWP market suddenly turned dynamic. During most of March feed SWP remained at the EUR 925 price level but during last week prices suddenly dropped to EUR 865 delivered to the Netherlands within just a few days. Improved liquid whey availability appears to be the main driver. Food SWP on the other hand stuck to its EUR 950-1160 ex works range, with some outliers for export quality significantly higher. WPC-80 prices remain elevated. EU buyers resist the current price levels but because parties in India and China continue to pay more than EUR 11000, the market remains well supported.
Americas
US whey market not strong enough to withstand the geopolitical headwind
Even before the recent tariff announcements, the dry whey market had already turned slightly bearish and the events that followed did not really support the market either. Even the WPC-80/90 markets weakened somewhat and the WPC-34 market also appears to loosen a bit at the moment. As a result SWP prices declined further to USD 0.49/lb (1080/t) ex works.
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