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
The global rice surplus outweighs tighter U.S. supplies, pressuring prices.
A weaker dollar supports export demand and may strengthen crop prices.
Smaller supplies could support cotton prices despite weak demand.
Strong corn exports support prices while soybeans lag yearly pace. However, large carryover stocks limit upside despite solid yields.
Fuel costs ease over the long term, but fertilizer energy remains volatile.
Jim Rothermich with the American Society of Farm Managers and Rural Appraisers joined us to share the latest on farmland real estate markets across the Midwest.