Find out why milk prices are staying the same as cheese prices go up and butter prices go down. How will these changes affect the dairy market? Get the latest updates now.
On the eve of July 4th, spot cheese prices made a modest recovery, reaching $1.90 and positioning the barrel marginally higher than the block by a quarter of a cent. While futures showed a hint of optimism, they largely remained static as we approach Q4. Butter, meanwhile, lost some momentum in the spot market, witnessing a minor dip, and its futures presented a mixed picture amidst low trading volumes. We must look to Friday’s trading session for more precise directional signals.
May proved to be another robust month for U.S. cheese exports, which surged to 106 million pounds—a 4% increase from April and a stunning 47% rise from last year. A remarkable highlight was the record-breaking cheese export to Mexico, with our southern neighbors purchasing an unprecedented 40 million pounds, marking a 62% year-over-year increase. On the import side, the U.S. hit a record by bringing in 13 million pounds of butter in May, reflecting a monthly increase of 13% and a 24% rise for the year.
Blocks held steady at $1.9000 per pound, with three lots traded. Conversely, Barrels experienced a notable increase to $1.9025 per pound, up by $0.0225, with two loads sold. Concurrently, butter prices dipped slightly to $3.1350 per pound, down by $0.0025, with three lots exchanged.
