U.S. Dairy Dry Product Stocks Update – Aug ’18
Executive Summary
U.S. dairy dry product stock figures provided by USDA were recently updated with values spanning through Jun ’18. Highlights from the updated report include:
Jun ’18 month-end dry whey stocks increased 7.4% MOM to a three month high but remained lower on a YOY basis for the fourth consecutive month, finishing down 13.1%. Dry whey stocks finished 6.4% below three year average seasonal figures for the month of June, finishing below three year average figures for the third consecutive month. The MOM build in dry whey stocks of 5.1 million pounds, or 7.4%, was greater than the ten year average May – June seasonal build in dry whey stocks of 0.1 million pounds, or 1.3%, however. Stocks increased despite dry whey production declining on a YOY basis for the first time in the past eight months throughout Jun ’18, declining by 0.7%.
On a days of usage basis, Jun ’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 June, dry whey stocks on a days of usage basis finished down 12.2% YOY.
Nonfat Dry Milk – Stocks Rebound to a Five Month High, Finish up 1.4% YOY
Jun ’18 month-end nonfat dry milk (NFDM) stocks increased 11.5% MOM to a five month high while also finishing 1.4% higher on a YOY basis. The YOY increase in NFDM stocks was the 16th experienced throughout the past 17 months. The MOM build in NFDM stocks of 31.2 million pounds, or 11.5%, was significantly greater than the ten year average May – June seasonal build in NFDM stocks of 1.3 million pounds, or 1.5%. Stocks increased despite NFDM production declining on a YOY basis for the third consecutive month throughout Jun ’18, declining by 9.0%.
On a days of usage basis, Jun ’18 U.S. NFDM stocks remained lower YOY, however. When assuming 12 month rolling average YOY usage rates and known stock values for the month of June, NFDM stocks on a days of usage basis finished down 4.1% YOY.
- Jun ’18 U.S. dry whey stocks rebounded to a three month high but remained 13.1% lower on a YOY basis, finishing lower for the third consecutive month.
- Jun ’18 U.S. nonfat dry milk stocks rebounded to a five month high while also finishing 1.4% higher on a YOY basis. Nonfat dry milk stocks have finished higher on a YOY basis over 16 of the past 17 months through Jun ’18.
Jun ’18 month-end dry whey stocks increased 7.4% MOM to a three month high but remained lower on a YOY basis for the fourth consecutive month, finishing down 13.1%. Dry whey stocks finished 6.4% below three year average seasonal figures for the month of June, finishing below three year average figures for the third consecutive month. The MOM build in dry whey stocks of 5.1 million pounds, or 7.4%, was greater than the ten year average May – June seasonal build in dry whey stocks of 0.1 million pounds, or 1.3%, however. Stocks increased despite dry whey production declining on a YOY basis for the first time in the past eight months throughout Jun ’18, declining by 0.7%.
On a days of usage basis, Jun ’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 June, dry whey stocks on a days of usage basis finished down 12.2% YOY.
Nonfat Dry Milk – Stocks Rebound to a Five Month High, Finish up 1.4% YOY
Jun ’18 month-end nonfat dry milk (NFDM) stocks increased 11.5% MOM to a five month high while also finishing 1.4% higher on a YOY basis. The YOY increase in NFDM stocks was the 16th experienced throughout the past 17 months. The MOM build in NFDM stocks of 31.2 million pounds, or 11.5%, was significantly greater than the ten year average May – June seasonal build in NFDM stocks of 1.3 million pounds, or 1.5%. Stocks increased despite NFDM production declining on a YOY basis for the third consecutive month throughout Jun ’18, declining by 9.0%.
On a days of usage basis, Jun ’18 U.S. NFDM stocks remained lower YOY, however. When assuming 12 month rolling average YOY usage rates and known stock values for the month of June, NFDM stocks on a days of usage basis finished down 4.1% YOY.