WASHINGTON: Domestic and export demand led to a drop of 67.3 million pounds (30.6 tonnes) in US butter stocks from the levels recorded in October. According to the latest USDA (US Department of Agriculture) report, November stocks fell by 29.5% from October but are still 28.1 million pounds or 21.2% (12.77 tonnes) above November 2015 levels. American cheese stocks also fell by 3.2% or (10.59t) to 324t but were still 1.8% higher than November 2015. Although the US had weak exports to China during most of 2016, China’s imports increased by 50% in November to 10,968 tonnes.
New Zealand was the main beneficiary of this increase because of its lower import tariffs. They accounted for 58% of China’s November cheese imports with Australia getting 17% and the US a 10% share, which may offset some of their declines during the year.
