NFDM stocks have increased by 5.2% from the previous month to 261 million lbs (118,636 tonnes). NFDM inventories have been above 200 million lbs (90,909 tonnes) for 13 of the last 15 months.

Compared to the previous year, NFDM stocks were up by 39.9 million lbs (18%). This is the eleventh consecutive month of year over year increase.

On the other hand, dry whey stocks decreased by 10% to 63.3 million lbs (28773 tonnes) from the previous month. Year over year dry whey inventories were down by 0.2%.

NFDM and SMP (skim milk powder) are on the floor and are pulling down milk prices in the US, while butter and cheese sales are continuing to grow in the domestic market.

Class 111 milk price (milk for cheese production) for June was reported at $16.72 per 100 lbs (33.2 c/l), down $ 4.64/100lbs (9.22 c/l) from the previous year, while the Class 1V price fell $9.23/100lbs (18.33 c/l) in the same period to $13.90/100lbs (27.6 c/l).