News

Cheese market plummets 20 cents

December 5, 2004

LOUISVILLE, Ky. — The cheese market rollercoaster ride continued on Dec. 6 when 40-pound cheddar block prices tumbled 20 cents to end trading at $1.75. Only one trade was made at the Chicago Mercantile Exchange.

The dizzying highs of $1.95 — achieved on Dec. 2 and held for one additional session — were more than the market could sustain, despite reports of supply tightness across the U.S.

Even at $1.75, cheese prices are well above historical averages for late fall, when prices typically ease some. At this time last year, blocks were $1.36, $1.14 the year before and $1.26 in 2001.

Read related articles in our Cheese Market Analysis Research Center.