News

Cheese at $1.23 a pound, lowest since June '03

January 29, 2006

LOUISVILLE, Ky. — The combination of huge cheese inventories nationwide and ample milk supplies continue to pressure prices for block cheese traded at the Chicago Mercantile Exchange.

The closing price of $1.23 per pound on Jan. 27 marked the bottom of a 13-cent slide that stretched for more than a week. That number is the lowest for blocks since June 2003. Prices were unchanged when trading resumed on Jan. 30, and milk futures point to year-long bargains for pizza makers.

One year ago, blocks traded at $1.71 per pound.

Read more in our Cheese Market Research Center.