Total Cheese Stocks Decline, Driven by American Cheese

Butter Analysis

? January butter stocks were UP by 46.4 million pounds from December, close to the five-year seasonal build of 45.2 million pounds and neutral to expectations.

? For the second month in a row, butter stocks were ABOVE prior year, nearly 20% vs. January 2022, the biggest YoY increase since June 2021, likely due to weaker export demand after the high prices in 2022.

Cheese Analysis

? January total cheese stocks DECLINED 4.1 million pounds from December to January, bucking the seasonal trend. The 5-year average December to January is a nearly 14 million build.?

? Natural American cheese stocks were DOWN 6.5 million pounds against December 2022, going against... To continue reading, click here to request a free trial and read HighGround Dairy’s complete analysis.

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