There has been another significant revision to NASS Cold Storage inventories of cheese. The end-of-January inventory was recently revised lower on American-style Cheddar than had previously been reported… Imagine that. These voluntary inventory reports have an effect on market psychology. This is one more reason why mandatory reporting, with auditing should be expanded to include inventory reports.
Meanwhile… USDA Dairy Market News reported on Friday that cumulative 2010 January and February production of cheddar totaled 509.4 million pounds, down 6.2 million pounds (-1.2%) from the same start of 2009. Mozzarella output in the first two months of 2010 totaled 545.7 million pounds, up 30.2 million pounds (5.9%) from last year. Total cheese output for the two months was 1.619 billion pounds, up 25.1 million pounds (1.6%) from a year ago.