CME cheese markets resumed their surge, with blocks leaping to $2.1000 per pound, $0.0725 higher, to reach a price last seen in March 2023. Barrels gained 8.5 cents to reach $2.2500 per pound. Four lots of blocks and one of barrels traded. Spot butter trades reached a new record, with 51 loads changing hands – the heaviest single day since daily trading began in 2006. Spot prices climbed to $3.1450 per pound, up 2.5 cents.
As spot blocks and barrels jumped, so did Class III and “all cheese” futures. September and October Class III contracts climbed to $22.05 and $22.40 per hundredweight, each limit up (+75 cents). September and October “all cheese” futures were also limit up (+7.5 cents), settling at $2.1480 and $2.1780 per pound, respectively.
US July retail sales came in ahead of expectations at $709.7 billion, up 1.0% on the month and +2.8% versus 2023. That compares to the inflation rate of +0.2% and +2.9%. Grocery sales kept ahead of rising prices, up 1.0% month-over-month and +2.3% on the year compared to food-at-home inflation of +0.1% and +1.1%. Food service spending advanced 0.3% and +3.6%, while menu prices lifted 0.2% and +4.1%.
By EVER. AG
August 15, 2024
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