U.S. Dairy Dry Product Stocks Update – Jun ’18
Executive Summary
U.S. dairy dry product stock figures provided by USDA were recently updated with values spanning through Apr ’18. Highlights from the updated report include:
Apr ’18 month-end dry whey stocks declined 8.5% MOM while also finishing 19.7% lower on a YOY basis, finishing at a 15 month low overall. The YOY decline in dry whey stocks was the largest experienced throughout the past 19 months on a percentage basis. Dry whey stocks finished 14.5% below three year average seasonal figures for the month of April, finishing below three year average figures for the first time in the past 15 months. The MOM decline in dry whey stocks of 6.4 million pounds, or 8.5%, was a contraseasonal move when compared to the ten year average March – April seasonal build in dry whey stocks of 0.3 million pounds, or 0.2%. Dry whey production declined 2.8% MOM on a daily average basis throughout Apr ’18 while finishing up just 0.7% YOY, contributing to the decline in stocks.
On a days of usage basis, Apr ’18 U.S. dry whey stocks also finished lower YOY. When assuming 12 month rolling average YOY usage rates and known stock values for the month of April, dry whey stocks on a days of usage basis finished down 29.2% YOY.
Nonfat Dry Milk – Stocks Decline to a 12 Month Low Remain at a Record Seasonal High, up 2.5% YOY
Apr ’18 month-end nonfat dry milk (NFDM) stocks declined 8.0% MOM to a 12 month low but remained 2.5% higher on a YOY basis, finishing at a record seasonal high for the month of April. NFDM stocks have finished higher on a YOY basis over 15 consecutive months through April. The MOM decline in NFDM stocks of 23.9 million pounds, or 8.0%, was a contraseasonal move when compared to the ten year average March – April seasonal build in NFDM stocks of 6.2 million pounds, or 3.3%. NFDM production declined 3.8% MOM on a daily average basis and 3.8% YOY throughout Apr ’18, contributing to the decline in stocks.
On a days of usage basis, Apr ’18 U.S. NFDM stocks also remained higher on a YOY basis. When assuming 12 month rolling average YOY usage rates and known stock values for the month of April, NFDM stocks on a days of usage basis finished up 8.5% YOY.
- Apr ’18 U.S. dry whey stocks declined 19.7% YOY, finishing at a 15 month low. The YOY decline in dry whey stocks was the largest experienced throughout the past 19 months on a percentage basis.
- Apr ’18 U.S. nonfat dry milk stocks declined to a 12 month low but remained higher on a YOY basis for the 15th consecutive month, finishing up 2.5% to a new record seasonal high for the month of April.
Apr ’18 month-end dry whey stocks declined 8.5% MOM while also finishing 19.7% lower on a YOY basis, finishing at a 15 month low overall. The YOY decline in dry whey stocks was the largest experienced throughout the past 19 months on a percentage basis. Dry whey stocks finished 14.5% below three year average seasonal figures for the month of April, finishing below three year average figures for the first time in the past 15 months. The MOM decline in dry whey stocks of 6.4 million pounds, or 8.5%, was a contraseasonal move when compared to the ten year average March – April seasonal build in dry whey stocks of 0.3 million pounds, or 0.2%. Dry whey production declined 2.8% MOM on a daily average basis throughout Apr ’18 while finishing up just 0.7% YOY, contributing to the decline in stocks.
On a days of usage basis, Apr ’18 U.S. dry whey stocks also finished lower YOY. When assuming 12 month rolling average YOY usage rates and known stock values for the month of April, dry whey stocks on a days of usage basis finished down 29.2% YOY.
Nonfat Dry Milk – Stocks Decline to a 12 Month Low Remain at a Record Seasonal High, up 2.5% YOY
Apr ’18 month-end nonfat dry milk (NFDM) stocks declined 8.0% MOM to a 12 month low but remained 2.5% higher on a YOY basis, finishing at a record seasonal high for the month of April. NFDM stocks have finished higher on a YOY basis over 15 consecutive months through April. The MOM decline in NFDM stocks of 23.9 million pounds, or 8.0%, was a contraseasonal move when compared to the ten year average March – April seasonal build in NFDM stocks of 6.2 million pounds, or 3.3%. NFDM production declined 3.8% MOM on a daily average basis and 3.8% YOY throughout Apr ’18, contributing to the decline in stocks.
On a days of usage basis, Apr ’18 U.S. NFDM stocks also remained higher on a YOY basis. When assuming 12 month rolling average YOY usage rates and known stock values for the month of April, NFDM stocks on a days of usage basis finished up 8.5% YOY.