CME: Cheese Stocks Draw Down

US - American cheese stocks plunged last month, the largest November draw-down since 2004. On 30 November, American cheese holdings were 586.4 million lbs, down 28.8 million lbs (-4.7 per cent) from October, according to USDA’s “Cold Storage” report, writes Alan Levitt.
calendar icon 23 December 2011
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Declining inventories suggest good American cheese sales this fall. Total cheese stocks fell as well: down 42.8 million lbs. to 970.6 million lbs. on 30 November.

Butter inventories on 30 November were 99.5 million lbs., less than half of the level on hand three months earlier, USDA says.

International prices are mixed, according to Dairy Market News’ semi-monthly survey. Oceania SMP is trading for $1.45-$1.68, up about 2¢ from the two weeks ago. Cheddar cheese is $1.61-$1.97, up a penny. Butter is $1.61-$1.81, down 2¢, DMN says. European whey is up about a nickel to 57¢-68¢.

Meanwhile, US NDM prices are steady and dry whey prices are higher, according to DMN.

Western NDM is mostly $1.37-$1.40, the report says. Western whey is mostly 65.25¢-68.50¢, while Midwestern whey is mostly 62.5¢-67.0¢. China dairy imports rebounded in November.

WMP imports were 19,413 tons, double the average monthly volume imported in August-October, though still below year-earlier levels. Year-to-date imports are 299,600 tons, up three per cent from last year.

SMP imports last month were 14,665 tons, up 73 per cent from a year ago. Imports of whey proteins were a record-high 38,728 tons, up 47 per cent.

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