Markets & Management

Thanksgiving is just around the corner, but domestic demand
does not appear as though it has checked the calendar. We continue
to see lethargic demand in the U.S. market as consumers
remain constrained by persistent high costs – particularly in the
restaurant space – and what appears to be some shifting consumer
preferences. That’s keeping notable downside pressure on prices,
especially for cheese. As we head into the second half of November,
CME block cheese prices are sitting around $1.55 per pound, marking
a notable breakdown from the $1.60 to $1.80 per pound range
traded for much of 2025.

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