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The May Class III benchmark fell to $12.14 per cwt, its lowest level in 11 years, after COVID-19 disrupted milk demand. Cash block cheese hit a record $2.5850 per pound at the CME, and Class III futures pointed to a rebound to $20.14 for June.
The May Class IV price was $10.67, its lowest since 2009.
Record cheese prices are lifting milk futures from the COVID-driven low. The sharp price swings show how fragile the demand recovery is for dairy markets.
en.edairynews.comDamián MoraisJun 10, 2020Not 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.
Record cash block cheese at $2.585 and futures pointing to a $20 June Class III show the rebound from deeply depressed levels, which is consistent with the sharp percentage gain.
