07/27/2020
Cheese Market Data from CME trading July 24, 2020
is available at: www.pandafoodbrokers.com
Weekly averages: Blocks -7.7%, Barrels +1.4%, Butter -1.1%
Block retreating after historic highs.
Dairy Market News (excerpt): ...Cheese demand has slipped slightly week to week, following a variant week 29 on
the CME. Block prices broke the $3 barrier last Monday, then dropped into the $2.60s a week ago today. As buyers are waiting out potentially lower prices, cheesemakers have ebbed production slightly. Additionally, cheese demand is slightly lower due to uncertainties of both grocers and food service customers related to COVID-19 measures. Some cheesemakers reported focusing production on contractual obligations, while milk remains somewhat plentiful. Spot cheese prices were steady to slightly lower than last week: from $2.50 under to Class III. Cheese market tones lack certainty.