U.S. Dairy Dry Product Stocks Update – Jun ’20
Executive Summary
U.S. dairy dry product stock figures provided by the USDA were recently updated with values spanning through Apr ’20. Highlights from the updated report include:
According to the USDA, Apr ’20 month-end dry whey stocks increased 3.7% from the previous month, reaching a five month high level, but remained 0.5% lower on a YOY basis. The YOY decline in dry whey stocks was the third experienced throughout the past four months. The MOM increase in dry whey stocks of 3.7% was greater than the ten year average March – April seasonal build in dry whey stocks of 0.2%. Dry whey production increased 3.8% on a YOY basis throughout Apr ’20, finishing higher for the eighth time in the past nine months.
On a days of usage basis, Apr ’20 U.S. dry whey stocks also finished lower YOY. When assuming 12-month rolling average YOY changes in usage rates and known stock values for the month of April, dry whey stocks on a days of usage basis finished 4.2% lower YOY, declining on a YOY basis for the fourth time in the past five months.
Nonfat Dry Milk – Stocks Increase to a Record High Level, Finish up 41.1% YOY
Apr ’20 month-end nonfat dry milk (NFDM) stocks increased 12.5% month-over-month to a record high level, finishing 41.1% higher on a YOY basis. The YOY increase in NFDM stocks was the third experienced in a row and the largest experienced throughout the past 28 months on a percentage basis. NFDM stocks had finished lower on a YOY basis over eight consecutive months prior to the three most recent increases in stock volumes. The MOM increase in NFDM stocks of 43.5 million pounds, or 12.5%, was significantly greater than the ten year average March – April seasonal build in NFDM stocks of 5.5 million pounds, or 3.8%. NFDM production increased 9.3% on a YOY basis throughout Apr ‘20, finishing higher for the 11th time in the past 12 months.
On a days of usage basis, Apr ’20 U.S. NFDM stocks also finished higher YOY. When assuming 12-month rolling average YOY changes in usage rates and known stock values for the month of April, NFDM stocks on a days of usage basis finished 38.6% higher YOY, increasing on a YOY basis for the fourth consecutive month.
Combined Dairy Product Stocks – Stocks Remain at a Record High Seasonal Level, Finishing up 13.5%
Apr ’20 combined stocks of butter, cheese, dry whey and NFDM increased 13.5% on a YOY basis, reaching a record high seasonal level. The YOY increase in combined stocks was the third experienced in a row and the largest experienced throughout the past four and a half years.
- U.S. dry whey stocks increased to a five month high level throughout Apr ’20 but remained 0.5% lower on a YOY basis.
- U.S. nonfat dry milk stocks increased to a record high level throughout Apr ’20, finishing 41.1% higher on a YOY basis.
According to the USDA, Apr ’20 month-end dry whey stocks increased 3.7% from the previous month, reaching a five month high level, but remained 0.5% lower on a YOY basis. The YOY decline in dry whey stocks was the third experienced throughout the past four months. The MOM increase in dry whey stocks of 3.7% was greater than the ten year average March – April seasonal build in dry whey stocks of 0.2%. Dry whey production increased 3.8% on a YOY basis throughout Apr ’20, finishing higher for the eighth time in the past nine months.
On a days of usage basis, Apr ’20 U.S. dry whey stocks also finished lower YOY. When assuming 12-month rolling average YOY changes in usage rates and known stock values for the month of April, dry whey stocks on a days of usage basis finished 4.2% lower YOY, declining on a YOY basis for the fourth time in the past five months.
Nonfat Dry Milk – Stocks Increase to a Record High Level, Finish up 41.1% YOY
Apr ’20 month-end nonfat dry milk (NFDM) stocks increased 12.5% month-over-month to a record high level, finishing 41.1% higher on a YOY basis. The YOY increase in NFDM stocks was the third experienced in a row and the largest experienced throughout the past 28 months on a percentage basis. NFDM stocks had finished lower on a YOY basis over eight consecutive months prior to the three most recent increases in stock volumes. The MOM increase in NFDM stocks of 43.5 million pounds, or 12.5%, was significantly greater than the ten year average March – April seasonal build in NFDM stocks of 5.5 million pounds, or 3.8%. NFDM production increased 9.3% on a YOY basis throughout Apr ‘20, finishing higher for the 11th time in the past 12 months.
On a days of usage basis, Apr ’20 U.S. NFDM stocks also finished higher YOY. When assuming 12-month rolling average YOY changes in usage rates and known stock values for the month of April, NFDM stocks on a days of usage basis finished 38.6% higher YOY, increasing on a YOY basis for the fourth consecutive month.
Combined Dairy Product Stocks – Stocks Remain at a Record High Seasonal Level, Finishing up 13.5%
Apr ’20 combined stocks of butter, cheese, dry whey and NFDM increased 13.5% on a YOY basis, reaching a record high seasonal level. The YOY increase in combined stocks was the third experienced in a row and the largest experienced throughout the past four and a half years.