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Cheese prices on the CME fell to about $1 a pound in spring as foodservice demand collapsed, and Class III milk dropped to $12/cwt. Cheese has since recovered above $2.50 and Class III is near $21.
Processors limited milk supply, and US cheese exports rose as producers capitalized on low prices.
The sharp rebound reflects a supply correction that could overshoot, meaning dairy prices may reverse quickly and affect milk-based feed ingredient values.
capitalpress.comCAROL RYAN DUMASCapital PressJul 21, 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.
