News

Cheese prices drown under bearish milk report

July 18, 2005

LOUISVILLE, Ky. — Prices for cheddar blocks took a 10-cent nosedive in July 19 trading on the Chicago Mercantile Exchange. Blocks closed at $1.45 per pound after holding at $1.55 for 10 straight sessions. One year ago, blocks traded at $1.48.

Four offers for blocks remained on the trading board, indicating further price drops are possible when trading resumes on July 20.

On July 18, market players learned that June milk production rose 5.4 percent, according to the USDA. The production spike is the largest single-month gain in 20 years, according to the Daily Dairy Report.

Read more in PizzaMarketplace's Cheese Market Analysis Center.