In 2010 and 2009, whey prices at the midpoint of the range were 35.75¢ and 36.0¢, respectively. On this week in 2008 whey was just 17.75¢.

Whey futures were mostly higher today after a slight pullback in the first three days of the week. Futures covering the first half of 2012 average 63.48¢, down 1.2¢ since peaking on December 5.

Dry whey production in the June-October period was down 3.0% vs. a year ago, USDA says. USDA cut its forecast of 2011 China WMP imports to 350,000 tons, down from a mid-year estimate of 430,000 tons. “The downward revision is largely attributable to an upturn in import prices in 2011, which put imported WMP out of the reach of many small and medium-sized processors,” the department says. Import volumes for 2012 are projected to reach 375,000 tons, up seven per cent from this year.

Correction: In yesterday’s report, we noted that Arla Foods will begin selling on the Global Dairy Trade auction platform in April 2012. Arla joins Fonterra, Dairy America (not DFA as reported yesterday) and Murray Goulburn. We regret any incovenience caused by the error.