Dry Whey – Stocks Decline to a Ten Month Low, Finish Down 27.7% YOY Aug ’16 month-end dry whey stocks of 60.6 million pounds declined on a YOY basis for the third consecutive month, finishing 27.7% below the record seasonal high experienced during Aug ’15. Dry whey stocks reached a ten month low, driven lower by both strong domestic and export demand. The YOY decline in dry whey stocks was the largest experienced in over six and a half years on a percentage basis. Dry whey stocks declined by 10.3 million pounds, or 14.5%, from the previous month which was significantly more than the three year average July – August seasonal decline in dry whey stocks of 2.3 million pounds, or 4.0%. Aug ’16 NFDM stocks finished 10.6% below three year average August figures. Nonfat Dry Milk – Stocks Finish at the Second Largest August Stocks Level on Record Aug ’16 month-end nonfat dry milk (NFDM) stocks of 234.7 million pounds increased 1.5% YOY, finishing at the second highest August figure on record. NFDM stocks finished higher on a YOY basis for the first time in four months despite NFDM production declining on a YOY basis for the 11th consecutive month during Aug ’16. Aug ’16 month-end NFDM stocks declined MOM by 22.0 million pounds, or 8.6%, which was consistent with the three year average July – August seasonal decline in NFDM stocks of 21.0 million pounds, or 8.4% while finished 6.4% above three year average August figures.