Dry Whey – Stocks Finish up 6.8% YOY to Second Highest March Figure on Record Mar ’16 month-end dry whey stocks higher on a YOY basis for the fourth consecutive month, finishing 6.8% above the previous year. The YOY increase was in addition to a 5.9% upward revision to the previous year figures. Dry whey stocks remained higher despite production declining for the second consecutive month during Mar ’16. Mar ’16 dry whey stocks finished at the second highest figure on record for the month of March, finishing 0.5% below the Mar ’13 stocks level. NFDM – Stocks Finish at the Third Largest March Stocks Level on Record Mar ’16 month-end NFDM stocks of 231.9 million pounds finished 7.5% below the previous year’s record March stocks level but remained at the third largest March figure on record. Mar ’16 month-end NFDM stocks increased MOM by 15.3 million pounds, or 7.1%, which was nearly double the ten year average February – March seasonal increase in NFDM stocks of 7.5 million pounds, or 4.2%. NFDM stocks remain lower on a YOY basis as production has declined for six consecutive months, however NFDM/SMP export volumes finished lower on a YOY basis for the first time in seven months during Mar ’16, contributing to the larger than normal seasonal increase in stocks.