Over the past two months, there has been a divergence in cheese prices. The monthly average block cheese price on the CME for July was $1.9126 per pound. This compares to the average price for June of $1.8941 and $1.8753 for May. Barrel cheese showed an average price of $1.9239 per pound for July. This compares to the average price for June of $1.9516 and $1.97844 for May. The block/barrel price spread has been inverted for quite some time indicating that the spread has slowly moved closer together. It remains inverted but not to the extent that it had been. A positive aspect is that both categories are substantially higher than at the beginning of the year. This has certainly been welcomed as milk prices have been too low for too long.
August 7, 2024
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