USDA’s October Cold Storage report revealed cheese inventories by 7,993t to 617,015t. The fifth consecutive monthly fall exceeded the five-year average decline for this time of the year. There were also higher-than-average decreases in “American cheese” and butter inventories for the month of September.
“American cheese” inventories fell by 7,716t between August and September to 350,438t. Other-than-American-cheese stocks (including mozzarella) fell 277t from the prior month to 266,577t in September – and were 1.9% lower in YOY terms. Butter stocks between August and September fell by 12,528t to 155,990t. This was 18.3% more than in the same month last year.