June 2024 US Dairy Products Report Analysis

Cheese

• Lower US milk production led to smaller cheese volumes in June (-1.4% YoY), with YTD totals lagging 2023’s record numbers by 0.4% but still ahead of 2022. This was the fourth time in 2024 that cheese output fell annually.
• American cheese volumes drug the total cheese category lower, as the variety reported the sixth consecutive month of a year-over-year loss (-4.9% YoY). June’s tally of 457.2 million pounds was the smallest for the month since 2020. Throughput slowed by 3.2% from May to June, which was more significant than the five-year average May to Jun decrease of 1.3%.
• It was Cheddar pulling the American totals DOWN, as vats posted their eighth month in a row of year-on-year decreases. Just 312 million pounds of Cheddar was manufactured in June, the smallest figure for the month since 2020.

Butter

• June was another month of more butter and more $3/lb (or more) pricing. Churns increased throughput year-over-year for the seventh straight month and set a record for June.
• Around the country, churn values varied. The Central US drove the year-over-year increase in the category, as processors made 68.2 million pounds of product, a whopping 10.6% more than in 2023, pushing YTD totals to a 5.8% gain.
• Exports through June are DOWN 18.5% versus YTD ’23, and domestic demand carries the category. Domestically, May posted an 18.2% increase in utilization versus the prior year, as US demand props disappearance numbers.

Milk Powders

• Nonfat dry milk (NDM) sank to its lowest value for the month since... To continue reading, click here to request a free trial and read the full report, including HighGround Dairy's opinion.

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