New Delhi, Jan. 16 -- Milkfat, due in part to booming butter sales and greater demand for whole milk, underpinned milk checks during the past four years. That price role reversal over milk protein appears to have run its course, not because of sluggish demand for butter, but largely due to rebalanced markets.

After being beaten down for generations, saturated fats that have been found to raise high density cholesterol (HDL), or good cholesterol, came back into vogue. That sent consumer demand for butter, and all animal fats for that matter, into overdrive.

As a result, milkfat began a 48-month run where it outpaced protein in milk checks. Values for animal fat became so strong that, last January, butterfat fetched $2.50 per pound while pr...