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China's dairy imports in the first three quarters of 2026 fell 2.1% year on year to 1.957 million tonnes, while import value rose 1.5%. Import volumes of whey, infant formula and bulk milk powder declined, but average import prices for whey rose 19.2% and for protein products 21.7%.
Lower Chinese import volumes of whey and formula ingredients, combined with rising import prices, point to tighter global whey supply and firmer prices for dry whey used in feed and food ingredients.
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Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.