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Class III milk futures and cheese prices fell sharply in late March 2020 as COVID-19 fears spread. Cheddar blocks dropped to $1.33 and barrels to $1.2050, the lowest levels in several years.
Foodservice cheese orders slipped while retail demand stayed firm.
Weakening foodservice demand for cheese feeds directly into lower milk futures and lower farm milk prices.
capitalpress.comLEE MIELKEFor the Capital Press31 de mar. de 2020Após 49 eventos baixista de macro passados, Leite (Classe III) subiu em mediana -0,6% em 5 sessões (33% de alta; metade central de -8,5% a +0,6%), e -7,5% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Published 2020-03-31, it reports that cheese blocks and barrels hit multi-year lows and Class III futures fell sharply on COVID-19 foodservice fears, which directly explains the one-day drop.
Cheese block and barrel prices collapsed to multi-year lows in late March as foodservice orders fell, directly pressuring Class III futures, which are priced off cheese.
Cheddar blocks and barrels dropped to multi-year lows as foodservice cheese orders slipped, pressuring Class III, which is priced off cheese and whey.
Late-March collapse in cheese blocks and barrels to multi-year lows fed directly into Class III futures, which are driven by cheese prices.
