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Analysts describe spot cheddar blocks at $2.7375/lb and barrels at $2.40 in early July, with a wide gap between projected Class III and Class IV prices. Cheese tightness in June was driven by strong retail sales, food service restocking, and USDA purchase programs.
The discussion also questions how the Federal Order system is functioning.
Tight cheese supply and strong demand keep dairy prices elevated, while the Class III/IV gap signals distortions in milk pricing that can affect dairy farm margins and feed purchasing.
jacoby.comJul 15, 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.
