Market News

Have dairy markets topped-out?

Cash cheese barrels held steady and blocks declined 3.75 cents on the Chicago Mercantile Exchange on Tuesday.  Blocks have lost 9 cents over the last two days.  After increasing daily last week, butter has held steady this week.

Eric Meyer with HighGround Dairy says that August Cold Storage Report was “bearish” in that cheese and butter stocks did not draw down as much as expected.  They suggest the prices in August were high enough to curb demand especially in American cheese and butter.  On top of that, strong U.S. milk production “is starting to tip the supply/demand scale in favor of lower prices ahead.

 

Cooperatives Working Together (CWT) has accepted 5 requests for export assistance from Dairy Farmers of America and Tillamook County Creamery Association to sell 2.714 million pounds of Cheddar and Gouda cheese to customers in Asia and the Middle East. The product will be delivered September 2014 through January 2015.

Year-to-date, CWT has assisted member cooperatives in selling 88.917 million pounds of cheese, 48.188 million pounds of butter and 33.171 million pounds of whole milk powder to 43 countries on six continents.

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