July 17, 2020: Exports and Retail Sales

The last four months have certainly been challenging for dairy farmers and the entire dairy supply chain. We saw a huge shift in demand from food service to retail almost overnight. This disruption created extreme volatility in milk prices, resulting in May milk prices being the lowest prices we have seen in over 10 years. However, Class III milk prices started climbing in mid-May and have continued climbing on the back of a cheese price that recently closed at a record high. Block cheddar cheese closed at $2.9150 per pound to end the trading week last Friday, while July through September Class III prices closed at $24.34, 23.40, and 20.71, respectively, this past Monday. Read More