News

Block cheese rockets to $1.70

November 11, 2004

Prices for 40-pound cheddar blocks soared 8.5 cents in Nov. 11 trading on the Chicago Mercantile Exchange.

Market watchers claim seasonal holiday season demand is drawing down supplies and sending prices upward.

Two bids for blocks remained unfilled on the day, making additional increases likely when trading resumes on Nov. 12. Milk futures prices also rose, ensuring cheese prices will remain elevated for the near future.

One month ago prices fell to a 2004 low of $1.37, but they've rebouned strongly ever since.

Read related items in our Cheese Market News Research Center.