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USDA cold storage data showed January butter stocks down 17.4 percent year on year at 215.4 million pounds, while cheese stocks were nearly flat. Spot butter slipped to $1.84 a pound and spot whey powder fell for a fourth straight week to 63.25 cents.
Cheddar blocks rose 2.5 cents to $1.5225.
Lower butter stocks and firm cheese demand support dairy product prices, while falling whey weighs on byproduct values. Producers face mixed signals across the dairy complex.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.