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Cheddar blocks closed at $1.78 per pound on May 15, up 47.5 cents on the week and the fourth straight weekly gain. Barrels finished at $1.72, also sharply higher.
Cheese market tones were described as more positive due to rising foodservice orders and busy Midwest manufacturing.
Stronger cheese prices lift Class III milk futures, improving dairy farm margins and potentially supporting demand for dairy-linked feed. Expectations of lower milk output from farmer cutbacks add upward pressure on prices.
capitalpress.comLEE MIELKEFor the Capital PressMay 19, 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.
Cheese blocks rose 47.5 cents in a week on better foodservice orders, a demand recovery driving Class III higher.
