CME cheese jumped to prices not seen since May 2022. Blocks reached $2.3050 per pound, up 3.5 cents, while barrels hit $2.3400 per pound, adding 5.5 cents. Spot NDM continues to run higher, settling at $1.3950 per pound, tacking on 1.5 cents to reach a level last see in November 2022.
Class III and IV futures followed spots higher today, with Q4 Class III settling at $23.23 per hundredweight, up 40 cents. Q4 Class IV added eight cents to hit $22.72 per hundredweight.
European milk production remains uneven amid warmer weather, poor feed quality and increased cases of Bluetongue. Germany’s production dipped 0.5% year-over-year for the week ending August 25, while UK production slipped 0.5% for the week ending August 31. On the other hand, production in France rose of 1.9% on the year during the week ending September 1.
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