A tightening cheese supply is sending prices higher globally.
This month cheddar block prices reached $2.27 per pound. Cobank says that is the highest price in 27 months.
Class III Milk futures are also on the rise, with the bundle average reaching $22.90 in the week following Labor Day. While higher prices moving into the fall is great, traders do not believe they will hang around for long.
CME has the four-month average for January to April 2025 Class III features at just $19.80.
Related Stories
Despite tighter supplies, U.S. wheat exports continue trending higher as international buyers seek consistent quality and reliable service.
Higher placements lifted feedlot inventories, but slower marketings point to continued tightness in finished cattle movement.
Tight cattle supplies should keep beef prices supported, while dairy, pork, and poultry are poised for greater production growth.
Early wheat harvest is moving, but rain, drought stress, and disease pressure will determine yield and quality.
Grain movement remains active, but high ocean freight and diesel costs continue to pressure export logistics.
The Meat Institute says meat sales reached a record $112 billion last year as protein demand remained strong nationwide.