The Latest: October - 2026
The Fresh Cheese Squeeze Is Over
The wild ride continued in the CME spot Cheddar market. Blocks soared in the first three weeks of October as cheese buyers scrambled to source fresh Cheddar from plants without production issues. And USDA offered more clarity on those ongoing issues, reporting in Dairy Market News, “The ongoing focus on high protein, premium whey concentrates has led some cheese manufacturers to push the cheesemaking process further than usual. This is increasing liquid whey output, resulting in more off spec cheese production.” Nonetheless, it seems that the fresh cheese squeeze is over.
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CME spot Cheddar barrels climbed to an all-time high last Friday and managed to cling to the precipice on Monday. Then their perch gave way and they plunged over the cliff.
View reportTrading volumes were light, but that led to a sense of foreboding. The rally is real, but how long can it last? The futures curve reflects traders’ fears that the market cannot sustain these prices into next year.
View reportThe combination of more milk and more cows stopped the bulls in their tracks, and made for a lot of red ink on LaSalle Street through mid-week.
View reportThe bulk of the government buying is supposed to end soon, but, judging by the sudden rally on Thursday, the trade may expect another round of aid for dairy purchases.
View reportConsumers continue to reach for kitchen staples that are familiar and convenient, and Cheddar fits the bill.
View reportAll of the CME spot markets moved higher, and cheese did so with particular verve. Once the laggard, barrels are now the leader.
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