U.S. Dry Product Stocks Update – Sep ’16
Dry Whey – Stocks Decline but Finish at the Second Largest July Stocks Level on Record
Jul ’16 month-end dry whey stocks of 70.3 million pounds declined on a YOY basis for the second consecutive month, finishing 10.9% below the record seasonal high experienced during Jul ’15. The YOY decline in dry whey stocks was the largest experienced in 22 months on a percentage basis however the decline was partially due to a 4.1% upward revision to Jul ’15 stock levels. Dry whey stocks declined by 4.0 million pounds, or 5.3%, from the previous month which was a contraseasonal move when compared to the three year average June – July seasonal increase in dry whey stocks of 0.7 million pounds, or 1.0%. Despite the decline, dry whey stocks remained at the second largest stocks level on record for the month of July while finishing 0.2% above the three year average July figures.
Nonfat Dry Milk – Stocks Finish at the Second Largest July Stocks Level on Record
Jul ’16 month-end nonfat dry milk (NFDM) stocks of 250.6 million pounds finished 7.2% below the previous year’s record July stocks level but remained at the second highest July figure on record. NFDM production declined on a YOY basis for the tenth consecutive month during Jul ’16, contributing to the YOY decline in month-end stocks. Jul ’16 month-end NFDM stocks increased MOM by 19.7 million pounds, or 8.5%, compared to the three year average June – July seasonal increase in NFDM stocks of just 1.5 million pounds, or 0.5%. Contributing to the largest than typical seasonal increase in NFDM stocks was a 2.8% downward revision in Jun ’16 stock totals. Jul ’16 NFDM stocks finished 3.7% above three year average July figures.
Jul ’16 month-end dry whey stocks of 70.3 million pounds declined on a YOY basis for the second consecutive month, finishing 10.9% below the record seasonal high experienced during Jul ’15. The YOY decline in dry whey stocks was the largest experienced in 22 months on a percentage basis however the decline was partially due to a 4.1% upward revision to Jul ’15 stock levels. Dry whey stocks declined by 4.0 million pounds, or 5.3%, from the previous month which was a contraseasonal move when compared to the three year average June – July seasonal increase in dry whey stocks of 0.7 million pounds, or 1.0%. Despite the decline, dry whey stocks remained at the second largest stocks level on record for the month of July while finishing 0.2% above the three year average July figures.
Nonfat Dry Milk – Stocks Finish at the Second Largest July Stocks Level on Record
Jul ’16 month-end nonfat dry milk (NFDM) stocks of 250.6 million pounds finished 7.2% below the previous year’s record July stocks level but remained at the second highest July figure on record. NFDM production declined on a YOY basis for the tenth consecutive month during Jul ’16, contributing to the YOY decline in month-end stocks. Jul ’16 month-end NFDM stocks increased MOM by 19.7 million pounds, or 8.5%, compared to the three year average June – July seasonal increase in NFDM stocks of just 1.5 million pounds, or 0.5%. Contributing to the largest than typical seasonal increase in NFDM stocks was a 2.8% downward revision in Jun ’16 stock totals. Jul ’16 NFDM stocks finished 3.7% above three year average July figures.