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Dairy Report
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Dairy- September US cheddar cheese (296%), butter (63%), nonfat dry milk (35%) and whey (7.8%) exports were all significantly less than the prior year. Since then however, the US dollar has continued to depreciate, the EU has reduced subsidies on dairy exports and international dairy prices have soared. All of these factors are bullish for US dairy exports and markets. Current US cheddar ($.17) and butter ($.40) prices are at considerable discounts to the corresponding international markets. There are signs, though, that the cheese and butter markets could temporarily top soon.

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Market Trend |
Supplies |
Price vs. Last Year |
Cheese Barrels- CME |
Decreasing |
Good |
Lower |
Cheese 40 lb Blocks- CME |
Increasing |
Good |
Lower |
American Cheese |
Steady |
Good |
Lower |
Cheddar Cheese |
Steady |
Good |
Lower |
Mozzarella Cheese |
Steady |
Good |
Lower |
Provolone Cheese |
Steady |
Good |
Lower |
Parmesan Cheese |
Steady |
Good |
Lower |
Butter- One lb Solids |
Steady |
Good |
Lower |
Nonfat Dry Milk |
Increasing |
Good |
Higher |
Whey, Dry |
Increasing |
Good |
Higher |
Class I Milk Base |
Steady |
Good |
Lower |
Class II Cream (Heavy Cream) |
Steady |
Good |
Lower |
Class III Milk- CME |
Decreasing |
Good |
Lower |
Class IV Milk- CME |
Steady |
Good |
Higher |
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