July NFDM stocks rose 9,348t from the previous month to 140,445t – this was up 6% YOY, reflecting weaker domestic commercial disappearance. Dry whey inventories were slightly lower in July. Stocks of dry whey, both human and animal product, fell 0.1% from the prior month to 38,322t, despite a rise in local manufacturing and reflecting higher exports into key markets such as China and SE Asia.

July lactose inventories were higher at 44,455t – this was still 14.2% below the prior year comparable. WPC stocks declined in July – down 1.9% from the prior month to 29,731t. Inventories of WPIs were down 1.9% (or 582t) from the prior month despite higher local output, and reflecting stronger exports.