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Spot CME Cheddar blocks fell 6.25 cents to $1.8375/lb, the lowest since May, and butter dropped 2.5 cents to $2.67 in a quiet week. Cream is in ample supply as butterfat output rose 1.9% year over year while milk volume fell 0.7%.
Expectations of rising cheese output from new plants and abundant cream weigh on dairy product prices and reduce dairy processor demand for feed inputs.
milkproducerscouncil.orgSarina SharpNov 1, 2024Not 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.
Spot cheddar blocks fell to the lowest since May and butter dropped on ample cream supply, which weighed on Class III-linked cheese values.
