U.S. Dairy Exports Update – May ’14
According to USDA, March ’14 U.S. dairy export volumes continue to rise as exports of butterfat, cheese, and dry whey reached all-time highs on a daily average basis. U.S. exports of butterfat, cheese, dry whey, and NFDM/SMP all posted YOY and MOM gains in export volumes and export volumes as a percentage of production. NFDM/SMP exports experienced the largest YOY gain (27.2 million lbs), followed by cheese (21.5 million lbs), butterfat (13.7 million lbs), and dry whey (12.5 million pounds). As shown in the chart below, the total value of all U.S. dairy exports reached a record high in March ’14 on a daily average basis, increasing by 10.7% over the previous record high recorded in February ’14. March ’14 U.S. cheese exports of 79.7 million lbs were 36.9% greater than a year ago and 4.5% greater than February ’14 exports on a daily average basis. The increase in cheese exports was led by cheddar cheese, which increased 14.5% MOM. Shipments to Japan, Saudi Arabia, and Australia accounted for over half of the total U.S. cheddar cheese exports in March ’14 and increased a combined 136% YOY and 46% MOM. March ’14 U.S. NFDM/SMP exports began to increase MOM again after slowing considerably from the volumes shipped in the second half of the ’12-’13 production season. March ’14 NFDM/SMP exports were 8.1% higher than the previous 12 month average NFDM/SMP exports when normalized to a 30 day month. See the table below for a summary of key U.S. dairy product exports as a percentage of production in March ’14.