It was a predominately red day in Chicago, led by barrels. Prices dropped to $1.8800 per pound, down 5.25 cents to hit the lowest price since July. Blocks also gave up ground, slipping to $1.9275, losing two cents. Butter prices continued their decline, dipping to $2.6775 per pound, down 3.5 cents.
August was yet another strong month for cheese exports with 94 million pounds shipped out, explaining part of why spot cheese prices went on a run higher in September. US cheese exports were up 15% (+12 million pounds) year-over-year and 5.5% (+5 million pounds) since July. Exports to Mexico were pegged at 35 million pounds, down 10.1% (-4 million pounds) from the previous month but still up 17% (+5 million pounds) from August 2023.
China’s milk production was down 4% year-over-year in August while total milk powder stocks were down 69%. According to reports, China’s dairy industry is in a state of oversupply. Of concern, milk powder consumption dropped 8%. The Chinese government, in an effort to spur consumption, has enacted support policies but it may take a while for those policies to impact dairy markets.
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