# Cheese Markets Were “Spooked” Today

> CME cheddar blocks slipped to $1.84/lb and barrels settled at $1.86, while spot butter rose slightly to $2.7075. Nearby Class III futures fell, with November at $20.12/cwt and December at $19.46, and Upper Midwest spot milk premiums jumped on bottling plant demand.

- Date: 2024-10-31 · published 2024-10-31T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/4681-cheese-markets-were-spooked-today
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Lower Class III futures signal weaker milk values for processors, while firmer spot milk premiums point to tighter fluid milk supply, a mixed signal for dairy feed demand.

## Read by commodity

- MILK: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-11-05 | 5 | -12.3% | -3.8 | Cheese markets were spooked as CME blocks fell to $1.84 and Class III futures for November and December dropped, which directly pressured the Class III benchmark during the window. |
| MILK | 2024-10-30 | 5 | -11.5% | -4.0 | Cheddar blocks slipped to $1.84 and nearby Class III futures fell (Nov $20.12, Dec $19.46) on Oct 31, showing cheese-led selling pressure that continued the decline in Class III. |

## Sources

- dairyherd.com: https://www.dairyherd.com/markets/milk-prices/cheese-markets-were-spooked-today

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.