US NDPSR REPORT

📅 July 2025: **NFDM** and **SWP** volumes were initially weak, leading to flat-to-soft pricing. **Butter** remained steady, while **Cheddar** came under pressure. Later in the month, Butter and Cheddar volumes dropped sharply, but NFDM and SWP volumes rebounded. Price trends were mixed—Butter softened, Cheddar gained slightly, and NFDM held firm.

📅 August 2025: **NFDM** held firm in price all month, with volumes weak until a late rebound. **Butter** stayed persistently weak, sliding further in price with critically low volumes. **Cheddar** and **SWP** were volatile—Cheddar rebounded in Week 3 before easing back, while SWP swung mid-month before stabilizing with softer prices and slightly higher volumes.

📅 September 1st Week: **NFDM** prices eased slightly but stayed above the six-month average, though volumes continued to weaken. **Butter** extended its sharp downtrend with both prices and volumes falling to very low levels. **Cheddar** prices gained modestly while volumes stayed flat, reflecting selective buying. **SWP** held steady in price with a small volume lift, suggesting short-term resilience despite ongoing volatility.

📅 September 2nd Week: **NFDM** held firm with strong volumes despite softer spot tone, while **Butter** remained critically weak, though volumes showed a lift. **Cheddar** steadied with balanced retail/export support, and **SWP** softened on weaker exports but stayed aligned with Central trends. Overall, the market reflected mixed stability in powders against ongoing fat weakness.

📅 September 3rd Week:** **NFDM** prices dipped but volumes steadied slightly, echoing East/Central weak demand with steady production. **Butter** collapsed in price but volumes more than doubled, showing buyers stepping in at bargain levels. **Cheddar** slid on both price and volume, with spot activity softer despite steady exports. **SWP** held flat in price but eased in volume, reflecting tight inventories and lighter export pull.