Butter stocks rose 7 percent from February to March and a whopping 22 percent from March 2012.

According to the U.S. Department of Agriculture’s “Cold Storage” report on Monday, butter stored in warehouses rose from 238.34 million pounds in February to 254.8 million pounds in March. Total natural cheese stocks in refrigerated warehouses also rose, climbing 3 percent from last month.

It’s a “slightly bearish” sign for both butter and cheese, says Dave Kurzawski, dairy analyst with FCStone in Chicago.

FCStone says that because nearby futures months were already under pressure, “the market reaction from the report has been relatively muted in electronic trading after the report release.”