Apparently the cheese market is not turning around. A couple of days with no change in the cash cheese market had inspired thoughts the market had bottomed-out but barrels lost another penny on Wednesday to close at $1.65. Class III futures pretty-well gave back Tuesday’s gains on Wednesday.
Dairy Market News says there is a lot of milk going into Midwest cheese plants this week, even more than had been expected. Cheese plants are already planning expanded schedules over the holidays to handle the extra milk….many expect the surplus loads will be priced below class prices. The cheese market is described as “listless” although the lower prices are pushing more cheese into aging programs. Export interest is also good although buyers are a bit reluctant to pull the trigger on thoughts the prices may go lower.