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Table 1Prices Per Pound of Protein and Lactose for Selected Dry ProductsSource: Dairy Market News
JAN 00FEBOOMAR 00APR 00MAY 00JUNOOJULOOAUGOOSEP 00OCTOONOVOODEC 00JAN 01FEB01MAR 01APR 01MAY 01JUN01JUL01AUG01SEP 01OCT01NOV01DEC 01JAN 02FEB02MAR 02APR 02MAY 02JUN02JUL02AUG02SEP 02OCT02NOV02DEC 02JAN 03FEB03MAR 03APR 03MAY 03JUN03JUL03AUG03SEP 03OCT03NOV03DEC 03JAN 04FEB04
Pricj0.43530.45400.51730.59190.67000.73590.78030.76970.75130.73370.73250.73990.76740.78700.79000.79500.79500.79500.78930.78070.78000.76730.74900.70810.66630.65120.61610.57520.51860.46880.43630.42520.44610.46750.50220.51250.51250.51250.50860.48840.45300.40270.41270.44670.48270.52160.55220.55680.53110.4746
WPC34ProteigLparity
1.28031.33531.52151 .74091.97062.16442.29502.26382.20972.15792.15442.17622.25712.31472.32352.33822.33822.33822.32152.29622.29412.25682.20292.08261.95971.91531.81211.69181.52531.37881.28321.25061.31211.37501.47711 .50741.50741.50741 .49591.43651.33241.18441.21381.31381.41971.53411.62411.63761.56211.3959
Dry WheyLactose parity Price Protein parity
0.65950.68790.78380.89681.01521.11501.18231.16621.13831.11171.10981.12111.16271.19241.19701.20451.20451.20451,19591.18291.18181.16261.13481.07291.00950.98670.93350.87150.78580.71030.66110.64420,67590.70830.76090.77650.77650.77650.77060.74000.68640.61020.62530.67680.73140.79030.83670.84360.80470.7191
0.19090.17740.17380.17220.17140.17340.18060.18380.18380.18380.18960.20180.22620.23380.23970.25110.26060.26770.27010.27270.27250.27380.27380.26410.23780.22160.21130.19470.17060.15380.14520.14810.16460.19160.21220.21630.18160.15860.15250.14310.13550.13800.15150.17170.18360.19310.19470.18180.16860.1620
Page
1.46851.36461.33691,32461.31851.33381 .38921.41381.41381.41381.45851.55231.74001.79851.84381.93152.00462.05922.07772.09772.09622.10622.10622.03151.82921.70461.62541.49771.31231.18311.11691.13921.26621.47381 .63231.66381 .39691.22001.17311.10081.04231.06151.16541.32081.41231.48541.49771.39851.29691.2462
1
Lactose_actose parity Price
0.21940.20390.19980.19790.19700.19930.20760.21130.21130.21130.21790.23200.26000,26870.27550.28860.29950.30770.31050.31340.31320.31470.31470.30360.27330.25470.24290.22380.19610.17680.16690.17020.18920.22020.24390.24860.20870.18230.17530.16450.15570.15860.17410.19740.21100.22200.22380.20900.19380.1862
0.20000.20000.20000.20000.20000.19380.17760.17200.16750.16500.16500.16500.16750.16750.16980.17830.18480.19740.20750.20750.20750.21750.21750.21780.22250.22250.22250.20240.18320.17500.15910.15750.15830.16300.16500.16520.16750.17000.17010.17660.17860.18050.19050.19490.20100.21250.21250.21420.22500.2250
Table 1Prices Per Pound of Protein and Lactose for Selected Dry ProductsSource: Dairy Market News
MAR 04APR 04MAY 04JUN04JUL04AUG04SEP 04OCT04NOV04DEC 04JAN 05FEB05MAR 05APR 05MAY 05JUN05JUL05AUG05SEP 05OCT05NOV05DEC 05JAN 06FEB06MAR 06APR 06MAY 06JUN06JUL06AUG06SEP 06OCT06NOV06DEC 06JAN 07FEB07Avg.
Price0.45990.55050.63810.65500.65160.62330.61080.61000.61410.63920.70330.75090.78160.81950.85980.89070.90750.89560,85870.85230.84160.81860.79430.74820.68640.62000.59530.58000.58580,61000.66260.74530.81820,86980.99581.17510.6614
WPC34Protein parity
1.35261.61911.87681.92651.91651.83321.79651.79411.80621.88002.06852.20852.29882.41032.52882.61972.66912.63412.52562.50682.47532.40762.33622.20062.01881,82351.75091,70591.72291.79411.94882.19212.40652.55822.92883.45621.9452
Lactose parity Price0.69680.83410.96680.99240.98730.94440.92550.92420.93050.96851.06561.13771.18421.24171 .30271,34951.37501 .35701.30111.29141 .27521.24031.20351.13361.04000.93940.90200.87880.88760.92421.00391.12921.23971.31791,50881.7805
0.18210.23350.26810.26280.23080.21580.21860.22940.24300.25360.25970.26340,27080,27910.28770.29690.30740.31070.32050.32240.32980.34030.34910.35080.33360.30840.29970.29000.29220.30490.32980.36400.40430.44060.50460.5895
1.0021 0.2437
Dry WheyProtein parity
1.40081.79622.06232.02151.77541.66001.68151.76461.86921.95081.99772.02622.08312.14692.21312.28382.36462.39002.46542,48002.53692.61772,68542.69852.56622.37232.30542.23082.24772.34542.53692.80003.11003.38923.88154.53461.8748
LactoseLactose parity Price
0.20930.26840.30820.30210.26530.24800.25130.26370.27930.29150.29850.30280.31130.32080.33070.34130.35330.35710.36840.37060.37910.39110.40130.40320.38340.35450.34450,33330.33590.35050.37910.41840.46470.50640,58000.6776
0.22660.23750.23750.23750.22900.21750.20070.18780.18500.18500.17500.17500.17500.17980.18090.18840.19950.20030.20430.21530.21950.22000.23630.24250.24300.26000.27050.28470.32900.33890.36200.41880.42950.43500.55050.5934
0.2801 0.2201
Page 2
Table 2Prices Per Pound of Protein and Lactose for Selected Dry ProductsSource: Dairy Market News
Dry Buttermilk Nonfat Dry Mi!k WPC 34 DryPrice
JAN 00FEE 00MAR 00APR 00MAY 00JUNOOJULOOAUGOOSEP 00OCTOONOVOODEC 00JAN 01FEE '01MAR 01APR 01MAY 01JUN01JUL01AUG01SEP 01OCT01NOV01DEC 01JAN 02FEB02MAR 02APR 02MAY 02JUN02JUL02AUG02SEP 02OCT02NOV02DEC 02JAN 03FEB03MAR 03APR 03MAY 03JUN03JUL03AUG03SEP 03OCT03NOV03DEC 03JAN 04FEB04
0.65130.60700.62670.69750.75180.84950.88700.89780.93180.95330.96400.97550.98500.98420.98341.01021.04771 .06211.06311.03631.04291.04501.04501 .03751.02210.96160.90600.88520.85180.80250.74970.73410.73780.75000.75740.77290.74290.73000.72980.71500.69480.67830.72480.81200.83860.84860.85500.85770.86000.8813
Protein parity Price1.91561.78531 .84322.05152.21122.49852.60882.64062.74062.80382.83532.86912.89712.89472.89242.97123.08153.12383.12683.04793.06743.07353.07353.05153.00622.82822.66472.60352.50532.36032.20502.15912.17002.20592.22762.27322.18502.14712.14652.10292.04351.99502.13182.38822.46652.49592.51472.52262.52942.5921
1 .00501.00501.00501.00501.00501.00501.00501.00501.00631.00751.00751.00861.01001.01001.01001.01011.01181 .00260.95500.94220.94130.94330.92350.91840.91230.91050.90690.90200.89650.89630.89930.90250.90510.90630.90980.86000.81480.80680.80370.80230.80130.80130.80150.80790.80750.80750.80750.80880.80340.8025
Protein parity Price2.95592.95592.95592.95592.95592.95592.95592.9559 '2.95972.96322.96322.96652.97062.97062.97062.97092.97592.94882.80882.77122.76852.77442,71622.70122.68322.67792.66742.65292.63682.63622.64502.65442.66212.66562.67592.52942.39652.37292.36382.35972.35682.35682.35742.37622.37502.37502.37502.37882.36292.3603
0.43530.45400.51730.59190.67000.73590.78030.76970.75130.73370.73250.73990.76740.78700.79000.79500.79500.79500.78930.78070.78000.76730.74900.70810.66630.65120.61610.57520.51860.46880.43630.42520.44610.46750.50220.51250.51250.51250.50860.48840.45300.40270.41270.44670.48270.52160.55220.55680.53110.4746
WheyProtein Parity Price Protein parity
1.28031 .33531.52151.74091 .97062.16442.29502.26382.20972.15792.15442.17622.25712.31472.32352.33822.33822.33822.32152.29622.29412.25682.20292.08261.95971.91531.81211.69181.52531 .37881 .28321.25061.31211 .37501.47711 .50741 .50741 .50741.4959 .1.43651 .33241.18441.21381.31381.41971.53411.62411.63761 .56211.3959
0.19090.17740.17380.17220.17140.17340.18060.18380.18380.18380.18960.20180.22620.23380.23970.25110.26060.26770.27010.27270.27250.27380.27380.26410.23780.22160.21130.19470.17060.15380.14520.14810.16460.19160.21220.21630.18160.15860.15250.14310.13550.13800.15150.17170.18360.19310.19470.18180.16860.1620
1.46851.36461.33691.32461.31851.33381.38921.41381.41381.41381.45851.55231.74001.79851.84381.9315 '2.00462.05922.07772.09772.09622.10622.10622.03151.82921.70461.62541.49771.31231.18311.11691.13921 .26621.47381.63231.66381.39691.22001.17311.10081.04231.06151.16541 .32081.41231.48541.49771 .39851.29691 .2462
Page 1
Table 2Prices Per Pound of Protein and Lactose for Selected Dry ProductsSource: Dairy Market News
DryPrice
MAR 04APR 04MAY 04JUN04JUL04AUG04SEP 04OCT04NOV04DEC 04JAN 05FES 05MAR 05APR 05MAY 05JUN05JUL05AUG05SEP 05OCT05NOV05DEC 05JAN 06FEE 06MAR 06APR 06MAY 06JUN06JUL06AUG06SEP 06OCT06NOV06DEC 06JAN 07
0.90720.94821.00941.03501.03501.03771.04001.04001.03500.92800.90530.91720.94080.94430.90920,90230.90630,91760.92640.92000.92000.91200.85730.81110.74850.66000.64520.64070.72930.81070.88250.91670.96601 .00581.0830
FEB 07 ' 1,2601Avg, 0.8848
Buttermilk Nonfat Dry Milk WPC 34 DryProtein parity Price
2.66822.78882.96883.04413,04413.05213.05883.05883.04412.72942.66262.69762.76712,77742.67412.65382,66562.69882.72472.70592.70592.68242.52152.38562.20151.94121.89761 .88442.14502.38442.59562.69622.84122.95823.18533.7062
0,80630.82010.85130.85000.84430.84110.84210.83760.84560.87820,89450.91800.92680.93850.94710.93670.93190.94860.96460.98481,00150.98990.95180.87070.82220.81000.80860.81090.82280.86920.91680.96491 .00571.05231.12681.2357
2.6022 0.9151
Protein parity Price2.37152,41212.50382.50002,48322.47382.47682.46352.48712.58292.63092.70002.72592.76032.78562,75502.74092.79002.83712.89652.94562.91152.79942.56092.41822.38242.37822,38502.42002.55652.69652.83792.95793.09503.31413.6344
0.45990.55050.63810.65500.65160.62330.61080.61000.61410.63920.70330,75090.78160.81950.85980.89070.90750.89560.85870.85230.84160.81860.79430.74820.68640.62000.59530.58000.58580.61000.66260.74530.81820.86980,99581.1751
2.6915 0.6614
WheyProtein parity Price Protein parity
1.35261.61911,87681.92651,91651.83321.79651.79411 .80621 .88002.06852.20852.29882.41032.52882.61972.66912.63412.52562.50682.47532.40762.33622.20062.01881.82351.75091.70591.72291.79411.94882.19212,40652,55822.92883.4562
0.18210.23350.26810.26280.23080.21580.21860.22940.24300,25360.25970.26340,27080.27910.28770.29690.30740.31070.32050.32240.32980.34030.34910.35080.33360.30840.29970.29000.29220.30490.32980.36400.40430.44060.50460.5895
1.9452 - 0.2437
1 .40081 .79622.06232.02151.77541.66001.68151.76461.86921.95081 .99772.02622.08312.14692.21312.28382.36462.39002.46542.48002.53692.61772,68542.69852.56622.37232,30542.23082.24772.34542.53692.80003.11003.38923.88154.53461.8748
Page 2
Table 3Annual Production of Dry ProductsSource; Brian W. Gould, University of Wisconsin-Madisonhttp://www.aae.wisc,edu/future/front_production.hfm
Year2003200420052006
Estimated Ibs.Dxy.Whey Protein (13%) WPC f25%-49.9%)1,076.42 139,93 272,041,034.90 1 34.54 271.751,045.82 1 35.96 274.021,093.08 142.10 290.98
Estimated Ibs. Estimated Ibs, Estimated tbs. Total Pounds ProteinProtein (34%) WPC (50%-89.9%} Protein (70%) Whev Protein Isolates Protein (90%) In WPCs & WPI
92.4992.4093.1798.93
85,9184.1099,94121,21
60. 1358.8769.9584.8S
22.3327,6834.4632.06
20. 1024.9131.0128.85
172.73176.18194. 13212.63
Lactose
613,91665,62668,12698.55
Production data is in million pounds
Table 4Contribution of Whey to Class II! Price(Actual FMMO Component Tests)
Current FormulaMonth
Apr 03May 03JunOSJulOSAugOSSepOSOct03NovOSDec 032003 averageJan 04'Feb04Mar 04Apr 04May 04Jun04Ju!04Aug04Sep04Oct04Nov04Dec 042004 averageJan 05Feb05Mar 05Apr 05May 05JunOSJulOSAug05Sep05OctOSNovOSDec 052005 averageJan 06Feb06Mar 06Apr 06May 06Jun06Jul06Aug06Sep06octoeNovOSDec 062006 averageJan 07
Whey price0.15820.14500.13960.14700.16150.17550.18920.19470.19410.16720.18010.16770.18170.26020.29920.28900.26070.22460.21620.22470.23670.24230.23190,24630.24780.25130.25800.26030.26960.27940.28690.29600.30380.31490.32420.27820.34160.35310.34090.30540.28050.28080,28100.29650.31910.35570,38000.40790.32850.4680
OS price-0.00082-0.01442-0.01998-0.012360.002580.017000.031110.036770.036150.00840.021730.008960.023380.104240.144410.133900,104750,067570.058920.067670.080030.085800.07510.089920.091460.095070.101970.104340.113920.124010.131740.141110.149140.160580.170160.12280.188080.199920.187360.150790.125150,125450.125660.141630.164900.202600,227630,256370.16720.31827
Proposed FormulaOS test Whey Value/cwt Whey Proteirs Price
5.735.735.735.695.685.685.675.695.70
5.705.705,695.705.715.715.715.705.705.685.685.685.68
5.6955.695.705.725.725.735.735.725.705.695.695.705.69
5.70675.725.735.735.725.745,715,715.705.695.705.695,69
5.71085.71
-0.0047-0.0826-0.1145-0.07030.01460,09650.17640.20920.2061
0.04790.72390,05700.73330.59520.82460.76460,59710,38510.33460.38440.45460.4873
0.42800,57160.52730.54380.5833O.S9790.65280.70930.75090.80290.84860.91530.9682
0.70051,07581.14561.07360.86250.71830.71630.77750.80730.93837.75487.29527.4587
0.95507.8773
-0,0016-0.0274-0.0380-0.02350.00490,03230,05920.07000.0688
0.01610.04140,01710,04450.19840.27480.25480.19930.12860.11210.12880.15230.1633
0.14290,17110.17400.18090.19400,19850.21680.23600.25070.26850.28380.30560.3238
0.23360.35790,38040.35650.28690.23810.23870,23910.26950.31380.38550.43320.4878
0.31820.6056
Protein test Whey Value/cwt3.002,972.962.922.933.023.103.123.11
3,01443.093.073.053.022.9S2.962.95 .2.993.033.113.133.11
3.04083.083.063.043.013.002,932.912.953.033.113.143,14
3,03333.073.073.063.023.012.972.942,973.063.133.143.12
3.04673.09
-0.0047-0,0875-0.7726-0.06870.07440.09770.78350.27830.2740
0.05120.72780.05230.73570.59900.87890.75420.58800.38440.33970.40050.47670.5078
0.43210.52700.53260.55000.58470.59560.63520.68670.73950.87360.88260.95957.0767
0.71037.09877.76797.09700.86660.71680.70900.70300.80040.96021.20671.36011.5221
0.97107,8774
Value chg0.00000.00110.00190.0017
-0.00030.00110.00710.00910.0079
0.00330.00390.00140.00240.0038-0.0057-0.0104-0.0091-0.00070.00510.01610.02210.0204
0.00410.01540.01120.00620.0008
-0.0022-0.0176-0.0226-0.01140.01070.03400.04420.0485
0.00980.02290.02240.01740.0040
-0.0015-0.0073-0.0145-0.00680.02190.05190.06490.0633
0.01590.0541
Graph 1WPC 34 and Dry Whey Protein and Lactose Parities
5.0000
4.5000
4.0000
3.5000
3,0000
~ 2.5000
2.0000
1.5000
1,0000
0.5000
0.0000
—• WPC 34 Protein parity '..
— - >WPC 34 Lactose parity :
— —Dry Whey Protein parity
- - - Dry Whey Lactose parity ;
• • • • Lactose Price •
S
Month
Graph 2Dry Products Protein Parity
5,0000 r
4.5000
4.0000
3.5000
3.0000
•g 2,'5000a.
2.0000
1,5000
1.0000
0.5000
0.0000
;- - - Dry Buttermilk j-I Nonfat Dry Milk !•
WPG 34 \
.I-—- Dry Whey 1 . .
/,Month
Graph 3Total Protein Pounds in Dry Whey and Concentrated Products
250.00
200.00
to13C
I
O
150.00
100,00
50.00
0.002003 2004 2005
Year
2006
;0 Dry Whey'EllnWPCs&WPl