The monthly Cold Storage Report form USDA on Thursday shows total cheese stocks went over the 1 billion pound mark as of the end of March, 1,000,778,000 pounds to be exact. That represents a 2 percent increase from February and 9 percent more than at the end of March in 2009 and the largest cheese inventory since November of 1984.
American cheese stocks increased slightly from February to 600,754,000 pounds, a 10 percent increase over a year ago. Swiss stocks slipped 2 percent from February to 26.957 million pounds but were 16 percent above last March. Other natural cheese stocks were just over 373 million pounds at the end of March, 4 percent higher than February and 9 percent more than a year ago at
On the “plus” side, butter stocks were down 3 percent from last month and 7 percent lower than a year ago at 196.585 million pounds.
While no big surprise, the report is not welcome news to an industry struggling with low milk prices. Class III futures on the Chicago Mercantile Exchange saw most 2010 contracts lose 11 to 19 cents per hundredweight on Thursday and 2011 contracts gave up as much as 35 cents. At the close, September is the only 2010 contract over $15.00 and nothing gets back to that level until October of 2011.
It has been a busy in the Cash Cheese Market with 61 loads being sold in the four sessions this week.
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