USDA · NASS
Market dataUS dairy stocks
Butter and American cheese in the cold stores, and the dry products — whey and the milk powders — in their makers' warehouses. Month-end, converted to tonnes: the inventory half of the American price.
Butter
Butter is the seasonal one: stocks build through the spring flush, peak into summer, and drain toward the year-end bake. The level matters less than the position — a year running under its predecessors means the market is eating its cushion; a year running over them means demand has room to breathe.
Latest150,652 mt · 2026-06 · −6.6%
Every year over the same twelve months, in tonnes. The recent years show by default; the legend adds or removes the rest, and the axis rescales to what is on screen.
- Dec
- 202390,505 mt
- 202497,198 mt
- 202585,121 mt
Click a year in the legend to add or remove it.
American cheese
American-style cheese moves slower than butter — cheese ages, so the warehouse is part of the process, not a parking lot. Read it against the same month a year earlier rather than against last month: the seasonal shape is flatter, and the year-on-year gap is where the signal lives.
Latest373,219 mt · 2026-06 · −1.7%
Every year over the same twelve months, in tonnes. The recent years show by default; the legend adds or removes the rest, and the axis rescales to what is on screen.
- Dec
- 2023379,967 mt
- 2024349,779 mt
- 2025360,060 mt
Click a year in the legend to add or remove it.
Dry whey
Dry whey is a manufacturers' stock — what the dryers themselves hold at month end, from USDA's Dairy Products survey rather than the cold-storage census. Whey swings with feed and ingredient demand, and a build here softens the export offer weeks before the price admits it.
Latest29,486 mt · 2026-06 · +13.5%
Every year over the same twelve months, in tonnes. The recent years show by default; the legend adds or removes the rest, and the axis rescales to what is on screen.
- Dec
- 202331,441 mt
- 202427,287 mt
- 202527,221 mt
Click a year in the legend to add or remove it.
Nonfat dry milk
Nonfat dry milk is America's skimmed milk powder, and this is what its makers hold at month end. Read it against the CME NFDM price: a heavy inventory is what caps US export offers into the same customers Europe quotes.
Latest110,296 mt · 2026-06 · −0.4%
Every year over the same twelve months, in tonnes. The recent years show by default; the legend adds or removes the rest, and the axis rescales to what is on screen.
- Dec
- 202388,217 mt
- 202478,403 mt
- 202597,438 mt
Click a year in the legend to add or remove it.
How to read a stock
Stocks are the other half of a price: dear-and-emptying reads differently from dear-and-full. These are month-end warehouse holdings surveyed by USDA, in tonnes, with six years of history behind each figure.