LOUISVILLE, Ky. — Now here's an after-Christmas sale that would interest any pizza operators. Block cheddar prices dropped sharply on Dec. 27 when traders returned to the Chicago Mercantile Exchange after the Christmas holiday. Before the break, blocks traded at $1.43, but when the cheese session closed, prices dove 6 cents to settle at $1.37. Dec. 28 trading saw prices slip one-quarter of a penny further, but one offer remained on the board, which could indicate further declines.
Less than two weeks ago, USDA predicted prices will hover in the $1.35-per-pound range for much of 2006.
Read more in our Cheese Market Analysis Research Center.