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CME Cheddar blocks closed at $2.1225 per pound on Oct. 25, up 15.5 cents on the week, and barrels closed at $2.25, the highest since 2014.
Cheesemakers reported limited spot milk supply while demand was steady, and government cheese purchases were rising.
Rising cheese prices lift Class III milk values and dairy farm returns, supporting dairy feed purchasing.
capitalpress.comLEE MIELKEFor the Capital PressOct 29, 2019Not 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.
Cheddar blocks and barrels surged to multi-year highs (barrels at $2.25, highest since 2014) on tight spot milk supply, directly driving Class III futures higher in the window.
Cheddar block and barrel cheese prices surged (barrels highest since 2014) on tight spot milk supply, directly lifting Class III, which is priced off cheese.
Cheddar blocks jumped 15.5 cents on the week and barrels hit the highest since 2014, with tight spot milk supply and rising government cheese purchases; cheese is the main driver of Class III.
Cheese blocks and barrels rallied to multi-year highs (barrels highest since 2014) on tight spot milk supply and rising government purchases, which directly feeds Class III pricing.
