DCA benchmarks: Protein commentary week 34

DCA whey protein benchmarks remained firm in week 34, with limited liquidity continuing to shape both WPC80 and WPI90 markets. While WPC80 prices eased slightly, WPI90 benchmarks reached a new record high. Overall trading activity remains subdued, with most fourth-quarter demand already covered and producer capacity constrained. Meanwhile, MPC is increasingly being considered as a more competitively priced alternative in protein formulations.DCA WPC80 benchmarks closed at €26,250, down 2.2% compared to the previous week. Although the market appears to be slightly reactivating for the fourth quarter, trade activity remains notably limited, with most contracts already concluded. Liquidity in the market is reportedly a challenge, with inventories tight and producer capacity constrained compared with demand.A similar situation was observed in the US, with WPC80 prices ranging from $12 to $13 per pound on August 13, equivalent to €22,852 to €24,756 per ton. That said, given the severe financing challenges for buyers, players are starting to resist against the high prices. This has placed some slight pressure on prices, while some plants are starting to rebuild small inventories.In the WPI90 market, liquidity remains an even greater issue, with contributors reporting almost no volumes available in the spot market. That said, WPI benchmarks increased notably by 7.1% to €32,500, representing also a 6.1% increase over the previous month and the highest recorded value for this benchmark.WPI90 also remains firmer in the US, reaching $14 per pound (€26,660 per ton) on August 13. Considering that some producers shifted from WPI90 to WPC80, the availability of WPC80 has increased slightly, widening the price spread between the two products. Overall, most of these changes are marginal. The market remains firm and liquidity low, without a major trading activity. Contributors increasingly state that MPC is an increasingly attractive source in formulations, partially replacing whey protein at a lower price.