The Globe and Mail reports in its Saturday edition that Saputo posted first-quarter revenues of $4.4-billion, up 1.5 per cent compared with the same period last year. The Globe's Kate Helmore writes that the results were driven by higher market prices for dairy ingredients, such as whey, and volume growth of high-protein ingredients. Prices for high-protein whey are up 162 per cent since the start of 2025. Increased selling prices, which have been implemented to mitigate inflationary pressures, also contributed to the results. Consumer demand for protein has manifested in a range of new products hitting shelves. Processors have been largely unable to keep up with protein demand. American suppliers of whey have sold out of stocks. If Saputo hopes to milk the frenzy for protein, it will need to contend with challenging dynamics between whey and cheese. That's because demand for more whey could affect cheese prices. Whey is a byproduct in the manufacturing of cheese. It is expensive to manufacture more cheese for the purposes of meeting protein demand. Should whey drive more cheese production, the resulting supply-demand dynamics could put pressure on the cheese category, where Saputo is already contending with low prices.