Dry Whey – Stocks Decline on a YOY Basis as Production Remains Weak, Finish Down 19.8% Jan ’17 month-end dry whey stocks of 67.2 million pounds increased 2.4% MOM but remained lower on a YOY basis, declining by 19.8%. Dry whey production remained lower on a YOY basis for the third consecutive month during Jan ’17, contributing to the decline in stocks. The MOM increase indry whey stocks of 1.6 million pounds, or 2.4%, was consistent with the ten year average December – January seasonal increase in dry whey stocks of 1.2 million pounds, or 2.3%. Despite finishing significantly lower on a YOY basis, Jan ’17 dry whey stocks remained at the second highest figure on record for the month of January. Nonfat Dry Milk – Stocks Remain Higher on a YOY Basis, Finish up 1.1% YOY Jan ’17 month-end nonfat dry milk (NFDM) stocks of 229.0 million pounds remained higher on a YOY basis for the sixth consecutive month, finishing 1.1% above the previous year. NFDM production finished higher on a YOY basis for the fifth consecutive month during Jan ’17, contributing to the increase in stocks. The MOM increase in NFDM stocks of 1.1 million pounds, or 0.5%, remained smaller than the ten year average December – January seasonal increase in NFDM stocks of 4.3 million pounds, or 2.2%, however. Despite the lower than normal seasonal build, Jan ’17 NFDM stocks finished 11.5% above three year average figures for the month of January.