Cheese Storage Sets New Record
The USDA released their June cold storage report on Monday. Not a surprise total cheese in storage set a new record. Natural cheese in storage now totals 1.392 billion pounds, up 7 million pounds from May, a 1% increase there, and up 6% from last June.
Swiss, Italian and other types led the charge. Swiss cheese inventories are up 23% from the year prior while other cheeses are up 16%. Butter inventories fell from the month of May through the month of June by 1%. A total of 336.4 million pounds can be found in the cooler. That's an 8% growth over last June.
These numbers had little effect on the Class III market in the afternoon session at the end of the day. Class III markets spanning the month of August through December average $15.57, 3 cents over Friday's finish. The 2019 average for Class III milk advanced 2 cents higher to finish at a final average price for the day of $16.02 per cwt.
The CME spot trade held some positive news. Butter price rose 4 cents on six loads to finish at $2.29. That was the single largest update that butter has seen since mid-May. Cheddar barrels rose 2 cents to move back to $1.29 while blocks remained unchanged, finishing again at $1.52. Grade A nonfat dry milk rose another 1 and ¼ cents, continuing to build on the leap that was made last Friday. Dry whey remained unchanged at 42 cents.