Cheese prices are falling, but milk is still in short supply. How will this affect your dairy farm? Find out in our latest update.
The cheese market remains under pressure as prices for both blocks and barrels continue declining. Blocks dropped to $1.8975 per pound, a decrease of $0.0175, while barrels fell to $1.9500 per pound, down by 2.5 cents. Spot nonfat dry milk (NDM) also experienced a downturn, settling at $1.2400 per pound after losing half a cent. In contrast, dry whey showed some resilience, ticking up half a cent to reach $0.6250 per pound. Butter prices held steady, showing no movement. Trading volume was light, with only four lots of NDM exchanged.
Milk output remains constrained, showing no signs of a rebound. The USDA reported spot milk prices in the Upper Midwest at a midpoint of $1.00 per hundredweight over class, marking the highest price for Week 31 since 2014. For comparison, last week’s price was $0.75, while the five-year average shows -$2.60.
- For the week ending July 25, old-crop corn sales reached 167,864 metric tons, below market expectations.
- New-crop sales for the 2024-25 period were strong, hitting the high end of predictions at 710,888 metric tons.
- Soybean sales also showed robust numbers, with 376,398 metric tons of the 2023-24 crop sold, exceeding expectations.
- The 2024-25 soybean sales were within the predicted range at 632,134 metric tons.
