Total cheese stocks finished August at 654,414t, up 2,015t from the prior month and +14,691t from the same month last year. While this report on the surface is bearish, it may have a limited market impact as cheese prices are already quite low.

August butter stocks landed at 143,182t, down 7,594t from the prior month but inventories were still higher by 10.3% in YOY terms (the largest gain since Sep-24). Overall, the report was neutral, and this stronger butter inventory move is far from surprising as anecdotal reports and current prices have consistently pointed to ample availability over the past few months.