NorthEast Cheese

11/14/2012 3:00 PM

MD DA810 Cheese - Northeast
MADISON, WI. November 14, 2012 (REPORT 46)

Cheese prices on the CME Group were mixed Tuesday with barrels declining
$0.0050 to close at $1.8275, while blocks were unchanged at $1.8575. In
the last 5 trading sessions barrel prices have dropped $0.2475, while
blocks have declined $0.2525. Trading was active during the last 5
sessions with 16 loads of barrels and 24 loads of blocks transacted.
Class I demand continues to be strong in the Northeast and is limiting
the manufacturing milk supply going to cheese makers, resulting in
declining cheese production. For a number of weeks, cheese makers have
been attempting to match production with sales, unwilling to expand
inventories at previous price levels. The recent CME price reductions
should begin to change market conditions. The lower prices will promote
increased sales as many buyers were purchasing hand to mouth. Demand for
cheese is good ahead of the holiday week. The price decreases are
especially timely for those buyers that lost product in the recent storms
and need to restock. The combination of reduced cheese production, good
demand and lower prices will begin to lower cheese inventories. In the
latest Foreign Agricultural Statistics report. January-September 2012
exports of cheese and curd from the United States totaled 444.3 million
pounds, a 21% increase from the same period in 2011. Cheese exports out
of the port of New York continue to run into delays, due to slow harbor
traffic and recovery efforts as a result of the recent storms.
Cooperatives Working Together (CWT) has accepted requests for export
assistance to sell 2.090 million pounds (948 metric tons) of Cheddar and
Monterey Jack cheese. The product will be delivered November 2012 through
May 2013. During 2012, CWT has assisted member cooperatives in making
export sales of Cheddar, Monterey Jack and Gouda cheese totaling 108.4
million pounds.


Cheddar 40# Block : 2.4275-2.7125
Process 5# Sliced : 2.1775-2.2975
Muenster : 2.4475-2.8075
Grade A Swiss Cuts 10 - 14# : 3.6300-3.9525
2012 U.S. Cheese and Curd Exports, (USDA-FAS)
(Million Lb.) % Change From
1 Year Ago
Sep. Total 40.5 + 17
Total Jan.-Sep. 444.3 + 21
1 Mexico 106.5 + 39
2 South Korea 69.8 + 11
3 Japan 47.4 + 30
4 Canada 21.9 + 28
5 Saudi Arabia 21.4 + 34

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