November has been a weak month for U.S. dairy exports, but it showed strong results for fat products such as butter, AMF, and cheese. Liquid products, like cream and condensed milk, also performed well.Declines were observed in all powders, except for WMP, WPC80/WPI, casein, and infant formula (I/F). November exports decreased by -8.70%, equivalent to -121 million kgs Liquid Milk Equivalent (LME). USA EXPORTS IN METRIC TONNES November 2024 Nov '23 Nov '24 24 vs '23 ∆% SMP 67.397 54.119 -13.278 -19,70% WMP 1.590 2.442 852 53,58% Whey 14.765 14.424 -341 -2,31% Dairy blends/ mpc's 3.063 2.586 -477 -15,57% Mod. Whey 15.187 12.179 -3.008 -19,81% WPC < 80% 13.758 12.160 -1.598 -11,62% WPC80/WPI's 7.351 7.555 204 2,78% Casein 81 444 363 448,15% Caseinates 154 141 -13 -8,44% Lactose 32.253 29.323 -2.930 -9,08% I/F 1.922 2.447 525 27,32% Cheese 38.782 39.726 944 2,43% Butter 1.543 3.066 1.523 98,70% AMF 434 1.386 952 219,35% Cream 3.095 4.527 1.432 46,27% Fermented 5.070 4.987 -83 -1,64% Condensed 1.743 1.833 90 5,16% Milk 8.095 6.680 -1.415 -17,48% Year-to-date (YTD) November results now stand at -0.31%, or -47 million kgs LME. USA EXPORTS IN METRIC TONNES YTD November 2024 YTD Nov '23 YTD Nov '24 24 vs '23 ∆% SMP 744.760 695.796 -48.964 -6,57% WMP 24.387 2.378 -22.009 -90,25% Whey 166.147 167.702 1.555 0,94% Dairy blends/ mpc's 40.721 40.185 -536 -1,32% Mod. Whey 150.075 161.372 11.297 7,53% WPC < 80% 134.411 141.542 7.131 5,31% WPC80/WPI's 69.679 81.319 11.640 16,71% Casein 1.071 5.611 4.540 423,90% Caseinates 1.566 2.051 485 30,97% Lactose 399.604 373.564 -26.040 -6,52% I/F 25.729 23.494 -2.235 -8,69% Cheese 398.815 469.445 70.630 17,71% Butter 27.223 28.432 1.209 4,44% AMF 5.485 12.397 6.912 126,02% Cream 33.606 35.699 2.093 6,23% Fermented 44.227 55.657 11.430 25,84% Condensed 20.308 16.689 -3.619 -17,82% Milk 93.716 97.341 3.625 3,87% U.S. dairy imports in November were very strong, increasing by 12.19% compared to last year, or +39 million kgs Liquid Milk Equivalent. The largest increases were seen in cheese and butter. USA IMPORTS IN METRIC TONNES November 2024 Nov '23 Nov '24 ∆ ∆% SMP 86 17 -69 -80,23% WMP 1.326 1.875 549 41,40% Whey 1.585 1.830 245 15,46% WPC <80% 1.697 1.678 -19 -1,12% WPC80/WPI's 869 1.195 326 37,51% MPC 4236 4.685 449 10,60% Casein 3.245 2.769 -476 -14,67% Caseinates 2.341 2.001 -340 -14,52% Lactose 251 349 98 39,04% I/F 3.459 3.663 204 5,90% Cheese 18.649 21.310 2.661 14,27% Butter 5.698 10.829 5.131 90,05% AMF 2.335 885 -1.450 -62,10% Cream 6.093 4.253 -1.840 -30,20% Condensed 4.113 3.862 -251 -6,10% Yoghurt/Sour cream/Fermented 2.812 4.199 1.387 49,32% Milk 1.661 2.196 535 32,21% Overall, YTD November imports were up 12.94%, or +411 million kgs LMEUSA IMPORTS IN METRIC TONNES YTD November 2024 YTD Nov '23 YTD Nov '24 ∆ ∆% SMP 788 479 -309 -39,21% WMP 12.890 16.567 3.677 28,53% Whey 19.258 21.827 2.569 13,34% WPC <80% 20.482 19.072 -1.410 -6,88% WPC80/WPI's 8.904 14.145 5.241 58,86% MPC 53.100 51.071 -2.029 -3,82% Casein 28.025 30.613 2.588 9,23% Caseinates 28.446 20.271 -8.175 -28,74% Lactose 3.271 3.052 -219 -6,70% I/F 35.156 56.443 21.287 60,55% Cheese 176.452 195.315 18.863 10,69% Butter 54.057 76.738 22.681 41,96% AMF 17.052 19.612 2.560 15,01% Cream 52.297 50.275 -2.022 -3,87% Condensed 33.296 45.012 11.716 35,19% Yoghurt/Sour cream/Fermented 37.985 44.724 6.739 17,74% Milk 21.715 22.048 333 1,53% Stocks continued to decrease in November, following the trend from December 2023. The stock decrease for November was -1.84% (-94 million kgs LME). Compared to October, stocks saw a significant decrease of -1.98%, or -101 million kgs LME. At the end of November, total stocks amounted to 5 billion kgs LME. Stock in 1000 kgs December '23 November '24 ∆ ∆ % smp 90.069 108.004 17.935 19,91% butter 90.506 96.857 6.351 7,02% cheese 654.277 605.439 -48.838 -7,46% wpc 28.105 24.339 -3.766 -13,40% Dry Whey 31.442 26.174 -5.268 -16,75% lactose 49.142 52.755 3.613 7,35% Meanwhile, U.S. milk production in November also declined. YTD November still reflects a production deficit of -0.28%, or -264 million kgs LME. Milk Production 2023 2024 ∆ Jan 8.758.000.000 8.656.000.000 -1,16% Feb 8.037.000.000 8.253.000.000 2,69% March 8.986.000.000 8.927.000.000 -0,66% April 8.711.000.000 8.661.000.000 -0,57% May 9.005.000.000 8.912.000.000 -1,03% June 8.595.000.000 8.448.000.000 -1,71% July 8.612.000.000 8.578.000.000 -0,39% August 8.540.000.000 8.575.000.000 0,41% September 8.247.000.000 8.276.000.000 0,35% October 8.457.000.000 8.478.000.000 0,25% November 8.188.000.000 8.108.000.000 -0,98% Ytd November 94.136.000.000 93.872.000.000 -0,28%