June’s butter stocks fell 5.9 percent year over year and 3 percent month over
month based on the most recent USDA Cold Storage report. From May to
June, butter stocks dropped 10.2 percent, a little steeper than the usual
season decline due to increased demand. This could be chalked up to a
strong demand among U.S. consumers for dairy fats and U.S. dairy exports
being up 6.1 million pounds above imports, the largest surplus since 2014.
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