News

Cheese market crashes again

October 7, 2004

LOUISIVLLE, Ky. — It's your lucky week, pizza operators.

For the second day in a row, block cheese prices collapsed at the Chicago Mercantile Exchange.

In Oct. 7 trading, the price of cheddar plummeted 12 cents -- on the heels of a drop of 8.75 cents the day before -- to trade at $1.375, the lowest price since Feb. 13.

Several offers (sellers looking for buyers) for blocks and 500-pound barrels remained on the board, which may signal additional declines. Class III milk futures were down slightly on the day.

Read related articles in our Cheese Market Analysis Research Center by clicking here.