News

Block cheese at $1.76, could go higher

November 15, 2004

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Strong demand for block cheddar cheese sold on the Chicago Mercantile Exchange sent prices up more than 3 cents to $1.76 on Nov. 16.

Nine bids for blocks yielded no trades on the day, signaling even higher prices could come when trading resumes on Nov. 17.

Prices have risen 19 cents in the past eight sessions.

Still, if you like your market outlook confusing, consider the fact that prices for 500-pound barrels dove 10 cents on the day to trade at $1.59. Historically the gap between barrels and blocks is 3 cents to 4 cents, which may indicate a near-term decline in block prices.

Click here to read related stories in our Cheese Market Analysis Research Center.