Let’s dive into the latest numbers from the Chicago Mercantile Exchange (CME) and see what they mean for you—first, the good news: cash dairy prices remained steady and higher this Wednesday. Stability is crucial in the dairy industry, and it’s promising to see some upward trends.
Take dry whey, for instance. It held steady at $0.59 with no sales recorded. Meanwhile, forty-pound cheese blocks edged up by a cent to $2.3150, and cheese barrels saw a significant rise of $0.0450, bringing the price to $2.3850. Both movements show some optimism in cheese, a staple for most dairy farms.
- Dry Whey: Unchanged at $0.59 (No sales recorded)
- Cheese Blocks: Up $0.01 at $2.3150 (One sale recorded)
- Cheese Barrels: Up $0.0450 at $2.3850 (One sale recorded at $2.3525)
- Butter: Unchanged at $3.1750 (No sales recorded)
- Nonfat Dry Milk: Up $0.0025 at $1.3975 (Six sales ranging from $1.3950 to $1.3975)
CME cheese markets saw gains on Wednesday. Barrels jumped 4.5 cents to $2.3850 per pound, while blocks rose by a penny to $2.3150. Each had one trade recorded. The CME NDM market almost hit $1.40 per pound, closing at $1.3975 with six trades. Butter and dry whey prices stayed the same.
EU cheese prices are the highest globally at $2.42 per pound, compared to $2.23 in the US and $1.96 in New Zealand. US butter is $3.18 per pound, less than Europe’s $3.98 but more than New Zealand’s $2.95. However, US milk powder at $1.39 per pound is pricier than New Zealand’s $1.22 and Europe’s $1.30.
Inflation cooled in August, with prices up 0.2% monthly and 2.5% yearly, the smallest increase since February 2021. Food prices rose 0.1% compared to July and 2.1% over the year. The food-at-home index was flat monthly and up 0.9% annually, the smallest gain since May 2021. Restaurant prices grew 0.3% monthly and 4.0% yearly.
Daily CME Cash Dairy Product Prices ($/lb.)
| Final | Change ¢/lb. | Trades | Bids | Offers | |
| Butter | 3.175 | NC | 0 | 0 | 0 |
| Cheddar Block | 2.315 | 1 | 1 | 0 | 1 |
| Cheddar Barrel | 2.385 | 4.5 | 1 | 0 | 1 |
| NDM Grade A | 1.3975 | 0.25 | 6 | 1 | 2 |
| Dry Whey | 0.59 | NC | 0 | 0 | 3 |
Weekly CME Cash Dairy Product Prices ($/lb.)
| Mon | Tue | Wed | Current Avg. | Prior Week Avg. | Weekly Volume | |
| Butter | 3.19 | 3.175 | 3.175 | 3.18 | 3.1594 | 0 |
| Cheddar Block | 2.27 | 2.305 | 2.315 | 2.2967 | 2.2363 | 2 |
| Cheddar Barrel | 2.285 | 2.34 | 2.385 | 2.3367 | 2.2588 | 1 |
| NDM Grade A | 1.38 | 1.395 | 1.3975 | 1.3908 | 1.355 | 11 |
| Dry Whey | 0.59 | 0.59 | 0.59 | 0.59 | 0.5725 | 5 |
