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CME block cheddar closed Aug. 3 at $1.5875 per pound, up 6.75 cents on the week and the highest since June 18, though 11 cents below a year earlier.
Barrels finished at $1.4750, and butter rose to $2.32 per pound, a fourth straight weekly gain but 41 cents below last year. Pizza cheesemakers were expected to increase sales ahead of the school and football season.
Modest firming in cheese and butter suggests some recovery in milk values, but prices remain well below year-ago levels. Analysts note that weaker cheese exports are pushing surplus milk into lower-value barrel production.
capitalpress.comLee MielkeFor the Capital PressAug 7, 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.
