Loading…
Spot Cheddar block prices fell from $2.78 to $1.57-3/4 per pound during November on the CME. Class III futures eased from a $17 average to $16.40 for January to March, while Class IV rose.
October national milk production was up 2.5% year over year.
Cheese prices fell as the USDA food box program wound down and milk output kept growing, a combination that adds supply pressure on dairy prices. Narrowing gaps between Class III and Class IV should reduce negative producer price differentials on milk checks.
hoards.comCorey GeigerDec 8, 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 collapsed from $2.78 to about $1.57 during November and Class III futures eased, while October milk output rose 2.5% year over year, confirming a supply-heavy cheese-driven price fall.
