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CME block cheddar closed the holiday week at $1.61 per pound, while barrels fell to $1.54, their lowest since September. Cheese orders are steady to slow, and cheese inventories are generally long.
Heavy cheese stocks and softer orders point to continued downward pressure on milk prices, though foreign export interest offers some support.
capitalpress.comLee MielkeFor the Capital PressNov 28, 2017Not 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.
Barrel cheddar fell to its lowest since September with slow orders and long inventories, which directly lowers the cheese-driven Class III value.
Barrel cheddar fell to $1.54, its lowest since September, and cheese inventories are long, which directly pressures Class III milk futures, since cheese is the main driver of that price.
