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Two Big Reasons Why Cheese Prices are Leveling Out

CME spot cheese prices have returned to earth after a significant rally that began in mid-March and ended in Mid-May. Cheese prices appear to have corrected and will probably remain supported through summer before seasonally rising again this fall, according to Betty Berning, analyst with the Daily Dairy Report.

“The recent run-up in prices can be attributed to strong export demand,” Berning said. “In the first part of 2024, when U.S. cheese prices were at a significant discount to those in Oceania and Europe, international buyers seized the opportunity and made meaningful purchases of U.S. cheese.”

U.S. cheese exports hit an all-time high of 121.3 million pounds in March, up significantly from the previous year. Increased exports of fresh and grated cheese, especially  mozzarella, were particularly robust, Berning noted.

June 4, 2024



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