Market Reports

The gains were driven by impressive improvements in milk production per cow. Higher prices and mild weather have boosted milk output.

Spot 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.

CME spot Cheddar barrels reached a five-year high, then the bids dried up.

The Cheddar market was already red hot, but barrels pushed the mercury even higher this week.

Fresh 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.

Judgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.