The Latest: November - 2025
Markets Swinging Wildly Because of Politics and Anxiety
The commodity markets swung wildly back and forth this week, buffeted this way and that by politics and anxiety. While the U.S. economy continues to expand, growth is uneven. Lower-income consumers are struggling, and many middle-class Americans are watching their budgets more closely. They’re dining out less and seeking bargains when they do. Many shoppers are trading down to store brands or switching to discount retailers. This week, the Trump administration and a federal judge sparred over the timing and amount of Supplemental Nutrition Assistance Program (SNAP) benefits the government will fund during the partial shutdown, leaving the 43 million Americans who receive SNAP benefits in limbo.
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Pass the egg nog, please. USDA announced the highest Class III price in five years. That’s a lot of Christmas cheer heading for dairy producers’ mailboxes. The butter market, however, is suffering a holiday hangover.
View reportThe gains were driven by impressive improvements in milk production per cow. Higher prices and mild weather have boosted milk output.
View reportSpot Cheddar is still at a rather lofty perch and spot barrels have the highest value in more than five years. The markets are doing their job.
View reportCME spot Cheddar barrels reached a five-year high, then the bids dried up.
View reportThe Cheddar market was already red hot, but barrels pushed the mercury even higher this week.
View reportFresh cheese is tight, and the markets seem to have someone – or several someones – over a barrel. High prices are working to trim demand at the margins, boost production, and attract imports.
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