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Cash block cheddar closed April at $1.62 per pound, and cash butter closed at $2.36. CME barrel cheese rose to $1.6025 after a strong GDT auction, and blocks hit $1.66, the highest since November 2017.
Cheese demand was described as fair to slightly up, and spot milk traded $2 to $4 under Class III.
Rising cheese and butter values and export interest in U.S. cheese support Class III milk prices, though discounted spot milk signals ample supply.
capitalpress.comLee MielkeFor the Capital PressMay 1, 2018Not 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.
CME block cheese hit its highest since Nov 2017 and barrel cheese rose after a strong GDT auction, directly lifting Class III futures, which are driven by cheese prices.
Cash block cheddar hit its highest level since November 2017 and barrel cheese rose after a strong GDT auction, which directly lifts Class III milk futures, since they are priced off cheese.
