CME: Dairy Stocks Down Seasonally

US - Cheese and butter stocks both declined seasonally in October, though cheese inventories remain higher than historical levels and butter holdings remain lower, writes Alan Levitt.
calendar icon 23 November 2011
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American cheese inventories on 31 October were 614.7 million lbs., up 9.1 per cent from the fiveyear average for that date, according to USDA’s “Dairy Products” report (see chart).

Total cheese inventories were 1,012.6 million lbs., 13.6 per cent above the five-year average. Butter inventories were 129.8 million lbs., down 19.1 per cent from the average over the 2006-10 period.

Dairy pricing mechanisms will remain intact for now, as the deadline ran out on the 12- member “supercommittee” to agree on deficit-cutting measures.

House and Senate ag committeee leaders on the panel had crafted a new Farm Bill – which reportedly would have incorporated dairy reform based on the Dairy Security Act/Foundation for the Future – but the supercommittee’s “failure to reach a deal on an overall deficit reduction package effectively ends this effort,” says Republican Frank Lucas and Senator Debbie Stabenow.

The two pledged to continue their work to reauthorize food and agricultural policy in the year ahead. The current Farm Bill expires in September 2012.

Further Reading

- You can view the full report by clicking here.

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