# Can whey’s milk check contribution continue?

> Dry whey prices are at their highest level since late 2014 and add about $2.74 to the Class III milk price. Strong Chinese demand is the main driver, with roughly half of whey imports going into hog feed. Some Chinese importers are pushing back as hog margins have fallen 74% since late January.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/5680-can-whey-s-milk-check-contribution-continue
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md)

## Why it matters

Whey prices depend on Chinese hog feed demand, and falling hog margins raise the risk that importers cut purchases. A pullback in whey imports would reduce a major support for Class III milk prices.

## Read by commodity

- HOGS: bearish ▼
- MILK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2019-11-05 | [Chinese dairy consumption is driving world milk prices higher](https://feedsoft.ai/events/10246-chinese-dairy-consumption-is-driving-world-milk-prices-higher.md) | -0.1% | -4.2% |
| MILK | 2020-05-21 | [Analysis: Dairy markets continue to trend higher despite strong production - Agriland.ie](https://feedsoft.ai/events/53136-analysis-dairy-markets-continue-to-trend-higher-despite-strong-production.md) | -0.8% | +70.2% |
| MILK | 2018-05-01 | [Class III milk could hit $16 by August](https://feedsoft.ai/events/5126-class-iii-milk-could-hit-16-by-august.md) | +5.4% | +4.6% |
| MILK | 2024-09-07 | [Navigating Tighter Milk Supplies: How Dairy Farmers Can Stay Competitive Amidst Rising Challenges \| The Bullvine](https://feedsoft.ai/events/4237-navigating-tighter-milk-supplies-how-dairy-farmers-can-stay-competitive-amidst.md) | +1.9% | -1.0% |
| MILK | 2024-04-03 | [GDT bounce-back underpins milk price](https://feedsoft.ai/events/6736-gdt-bounce-back-underpins-milk-price.md) | -4.7% | -5.0% |
| HOGS | 2019-06-03 | [Trade fights continue to batter U.S. live cattle, lean hog futures](https://feedsoft.ai/events/11384-trade-fights-continue-to-batter-u-s-live-cattle-lean-hog-futures.md) | -2.8% | -9.3% |
| HOGS | 2018-04-02 | [China’s action trips up lean hog futures](https://feedsoft.ai/events/65663-china-s-action-trips-up-lean-hog-futures.md) | -6.4% | +10.9% |
| HOGS | 2025-02-24 | [China's pork consumption has no more room to grow, says researcher \| Reuters](https://feedsoft.ai/events/26032-china-s-pork-consumption-has-no-more-room-to-grow-says-researcher-reuters.md) | -2.6% | -1.4% |

## Sources

- hoards.com: https://hoards.com/article-30275-can-wheys-milk-check-contribution-continue.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.