News

Bulls push cheese to $1.79, expect increases

November 18, 2004

Though block cheese buyers went home empty handed in trading this week at the Chicago Mercantile Exchange, unfilled bids pushed prices up 7 cents to $1.795.

The increase marks the continuation of a two-week bull run that has seen block prices climb 22.5 cents over the last 10 sessions.

Only Monday will tell whether more increases are on the way, but this week's 19 unfilled bids seem to indicate strong demand on seasonally tight supplies won't abate soon.

In his weekly newsletter, Dairy & Food Market Analyst, editor Jerry Dryer said some of his sources say $2 block cheese is possible, though he doesn't agree. "I'm not convinced that we'll see price levels of that magnitude, but current prices (and some upside) will hang around for at least the next several weeks the way it looks."

Read related articles in our Cheese Market Research Center.