U.S. Dry Product Stocks Update – Apr ’16
Dry Whey – Stocks Finish up 21.1% YOY to a New February Record High Feb ’16 month-end dry whey stocks declined from the record high experienced during the previous month but remained higher on a YOY basis, finishing 21.1% above the previous year. Feb ’16 dry whey stocks of 75.8 million pounds declined 8.1 million pounds, or 9.6%, from the previous monthly record high, which was more than the ten year average January – February seasonal decline of 1.4 million pounds, or 2.8%. Dry whey production declined on a YOY basis for the first time in nine months during Feb ’16, contributing to the MOM decline in stocks. Despite the sharper than average seasonal decline, Feb ’16 dry whey stocks finished at a record high for the month of February. NFDM – Stocks Finish at the Third Largest February Stocks Level on Record Feb ’16 month-end NFDM stocks of 216.6 million pounds finished 10.0% below the previous year’s record February stocks level but remained at the third largest February figure on record. Feb ’16 month-end NFDM stocks declined MOM by 9.9 million pounds, or 4.4%, which was a contraseasonal move when compared to the ten year average January – February seasonal increase in NFDM stocks of 7.5 million pounds, or 4.4%. U.S. NFDM stocks have declined as production remained lower on a YOY basis for the fifth consecutive month during Feb ’16 while export demand continues to strengthen as domestic prices remain competitive with international price levels.