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Cheese

Cheese prices hit record high just weeks after hitting nearly 20-year lows

Melanie Wong | Jun 25, 202001:07 AM    

" . . . Each trading day at 11 a.m. Chicago time, the Chicago Mercantile Exchange operates a 10-minute session in which buyers and sellers — typically large dairy food cooperatives, cheese producers or other companies active in the industry — electronically trade roughly 40,000-pound truckloads of young, mild cheddar.

Cheese prices soared to a record high on June 8, when a 40-pound block of cheddar — the bench mark for cheese, akin to a barrel of West Texas Intermediate in oil markets — touched $2.585 a pound on the CME.

That was a 160% turnaround from mid-April, when the same block of cheese would have cost only $1 a pound. . . "

Cheese prices hit record high just weeks after hitting nearly 20-year lows. Here’s why the price has been so volatile.

Much like higher-profile markets, cheese prices have been whipsawed by the uncertainty facing the U.S. economy and bolstered by government actions.

www.chicagotribune.com
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