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Cheese block premiums over barrels narrowed to one cent in early March 2023 after a large end user aggressively bought barrels, with barrels rallying to $1.77/lb while blocks hit their lowest since September 2022. US dairy exports set a January record, with cheese exports at 75 million pounds, up 15.6% year over year, and Mexico as the top destination.
Strong export volumes support dairy demand, but HighGround expects them to slow until US prices become globally competitive, which could limit upside for milk prices.
highgrounddairy.comMarket Intel TeamMar 13, 2023Not 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.
