May 2023 US Dairy Supply & Utilization

Cheese

• Total cheese utilization was just above the previous year as domestic demand, which accounted for 93% of cheese consumption in May, grew slightly versus the prior year. Meanwhile, exports fell to their lowest monthly volume since January 2022.
• American-style cheese demand was strong for the month lifted by domestic consumption, the highest May on record with data back to 2011.
• After briefly eclipsing 2022 volumes, Other cheese disappearance shrank to the lows not seen since January 2022 as domestic demand fell to the smallest volume since July 2021 while exports continued its negative trajectory.

Butter

• Butter utilization fell from the previous month, coming closer to May 2022 volumes. However, year-to-date remains positive from the prior year.
• Domestic demand lessened in May, in line with the seasonal decline, but dipped below 2020 volumes for the first time this year.
• Exports saw a slightly uptick from April, but high prices for butter in the earlier part of the year limited export opportunities keeping year-to-date exports at the lowest volume since 2020.

NDM & SMP

• Total nonfat dry milk utilization appeared... Click Here to request a free trial and read HighGround Dairy's complete analysis

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