Dry Whey – Stocks Drawn Down Seasonally, Remain Significantly Higher on YOY Basis Sep ’15 month-end dry whey stocks remained higher on a YOY basis, finishing 26.3% above the previous year as production continues to expand. Sep ’15 total dry whey stocks of 68.9 million lbs declined 14.6% MOM from the monthly record high experienced in Aug ’15 but remained 30.5% higher than the three year average September month-end dry whey stocks. The MOM decline of 14.6%, or 11.8 million lbs, was larger than the ten year average Aug – Sep seasonal decline in dry whey stocks of 10.6%, or 6.4 million lbs. NFDM – Stocks Finish at Record High for the Month of September Sep ’15 month-end NFDM stocks of 211.5 million pounds also finished above the previous year’s levels, finishing up 24.6% to a new September record high. Sep ’15 month-end NFDM stocks did decline MOM by 8.5%, or 19.6 million pounds, however the decline was less than the ten year average Aug – Sep seasonal decline in NFDM stocks of 14.5%, or 23.0 million lbs. NFDM stocks were significantly higher than the three year average September NFDM stocks, finishing up 46.5%.