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Spot cheddar blocks rose 15.75 cents to $1.9375 per pound in the week ending May 22, and barrels climbed 17 cents to $1.89. CME spot nonfat dry milk rose to $1.0125, while spot butter and whey retreated.
June Class III futures reached $17.03 per cwt, the highest on the board.
Tight fresh cheese supply and restocking by food banks and restaurants are lifting dairy product prices, which supports feed demand from dairy producers as milk values rise. The inverted futures curve suggests the rally may be temporary, so buyers should watch for a pullback in later months.
thebullvine.comMay 27, 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.
Spot cheddar blocks and barrels climbed sharply with June Class III hitting $17.03, showing the cheese-driven price momentum feeding the futures surge.
Spot cheddar blocks and barrels climbed sharply through late May and June Class III futures hit the highest on the board, directly driving the Class III price surge.
