Dry Whey – Stocks Finish at a Record High for the Month of December Dec ’15 month-end dry whey stocks remained higher on a YOY basis, finishing 13.9% above the previous year as production continues to expand. Dec ’15 total dry whey stocks of 71.6 million lbs also increased 12.3% MOM, finishing at a record high for the month of December. The MOM increase of 12.3%, or 7.9 million lbs, was slightly larger than the ten year average November – December seasonal increase in dry whey stocks of 11.6%, or 4.9 million lbs. NFDM – Stocks Finish at the Second Largest December Stocks Level on Record Dec ’15 month-end NFDM stocks of 199.4 million pounds finished 16.6% below the previous year’s record December stocks but remained at the second largest December figure on record. Dec ’15 month-end NFDM stocks increased MOM by 0.4%, or 0.8 million pounds, however the MOM increase was significantly below the ten year average November – December seasonal increase in NFDM stocks of 25.8%, or 25.0 million lbs. Dec ’15 NFDM production declined YOY for the third consecutive month, contributing to the YOY decline in stocks. Despite the YOY decline, NFDM stocks remained 7.7% above three year average December NFDM stock levels.