--- title: CME Spot Block Cheddar Declines to Lowest Price Since May description: CME Spot Block Cheddar Declines to Lowest Price Since May image: https://blog.highgrounddairy.com/hubfs/Canva%20images/Canva%20Design%20DAEVpqpRilM.png --- Toggle navigation Menu - [About](https://www.highgrounddairy.com/about/) - [Company Profile](https://www.highgrounddairy.com/about/) - [Our Team](https://www.highgrounddairy.com/our-team/) - [Contact](https://www.highgrounddairy.com/contact/) - [Podcast](https://www.highgrounddairy.com/category/podcast-episodes/) - [Dairy Dashboard](https://www.highgrounddairy.com/dairy-market-intel/) [HighGround Dairy](https://www.highgrounddairy.com/) Market Intelligence, Hedge Execution, and Consulting Services for the Dairy Industry - [Market Intelligence](https://www.highgrounddairy.com/market-intelligence/) - [Insurance Services](https://www.highgrounddairy.com/insurance-services/) - [Our Plans](https://www.highgrounddairy.com/our-plans/) - [Futures & Options Execution](https://www.highgrounddairy.com/futures-options-execution/) - [Advisory Services](https://www.highgrounddairy.com/advisory-services/) - [Free Trial](https://www.highgrounddairy.com/free-trial/) - [Market Intelligence](https://www.highgrounddairy.com/market-intelligence/) - [Insurance Services](https://www.highgrounddairy.com/insurance-services/) - [Our Plans](https://www.highgrounddairy.com/our-plans/) - [Futures & Options Execution](https://www.highgrounddairy.com/futures-options-execution/) - [Electronic Trading Platforms](https://www.highgrounddairy.com/futures-options-execution/electronic-trading-platforms/) - [Market Access](https://www.highgrounddairy.com/futures-options-execution/market-access/) - [Over the Counter Partners](https://www.highgrounddairy.com/futures-options-execution/over-the-counter-partners/) - [Advisory Services](https://www.highgrounddairy.com/advisory-services/) - [Free Trial](https://www.highgrounddairy.com/free-trial/) - [Contact](https://www.highgrounddairy.com/contact/) - [About](https://www.highgrounddairy.com/about/) - [Company Profile](https://www.highgrounddairy.com/about/) - [Our Team](https://www.highgrounddairy.com/about/our-team/) - [News and Press Releases](https://www.highgrounddairy.com/latest/) - [Member Login](https://www.highgrounddairy.com/my-account/) - [Member Login](https://www.highgrounddairy.com/my-account/) ## CME Spot Block Cheddar Declines to Lowest Price Since May [Alyssa Badger](https://blog.highgrounddairy.com/author/alyssa-badger) 01 February 2021 - [US Dairy Markets](https://blog.highgrounddairy.com/tag/us-dairy-markets) - - - ### **Monday Morning Huddle** 1 February 2021 ### **Highlights From Last Week** **CME Spot Block Cheddar Declines to Lowest Price Since May** CME cheese price declines persisted last week but at a slower rate versus mid-January’s steeper losses. Market sentiment leans bearish in anticipation of heavy expected milk and cheese production in the coming months. The block Cheddar settlement on Friday was down $0.0350 per pound versus the prior week to the lowest value since May 12, 2020; the price declined solely on lower offers as no cheese traded hands. Barrels were down a quarter-cent versus the prior Friday and have traded within a penny range for seven consecutive sessions. 21 loads traded hands as buyers and sellers each find value at the current price level. USDA cautioned of notably higher milk volume for this time of year and reported that spot milk was available for as much as $8.50 below the Class price. It is likely milk dumping will increase soon as volume overwhelms processing capacity. While new Food Box vendor announcements could provide slight but temporary cheese price spikes through April, there is no fundamental factor that would increase cheese values from current levels in the coming months. **Senate Ag Committee Schedules Vilsack Confirmation Hearing** The Senate Agriculture Committee will meet on February 2 to consider the nomination of Tom Vilsack for USDA Secretary. The confirmation process is expected to be smooth with few hurdles as Vilsack has broad support from both parties to lead the agency. Vilsack previously served as USDA Secretary for the entirety of the Obama administration and has spent the last four years as President and CEO of the US Dairy Export Council. Once Vilsack is confirmed, Krysta Harden, USDEC’s chief operating officer, will become President of USDEC. **Last Week’s Reports & Analysis** **December 2020 US Milk Production Analysis** Milk output exceeded the 3% year over year growth mark for the second consecutive month as production gains show no signs of slowing. It marked the strongest monthly output since June as volume climbs seasonally and the spring flush rapidly approaches. The data was not surprising and… [Full Report](https://www.highgrounddairy.com/reports/december-2020-us-milk-production-analysis/) **December 2020 Cold Storage Report Analysis** Butter stocks increased in December in typical seasonal fashion as production climbed and holiday buying ended. The monthly build was stronger than the five-year average December increase and higher versus prior year, but less than the build noted in… [Full Report](https://www.highgrounddairy.com/reports/december-2020-cold-storage-report-analysis/) **Reports This Week** Global Dairy Trade Auction – Tuesday, February 2 Weekly EU Dairy Commodity Prices – Wednesday, February 3 National Dairy Products Sales Report (NDPSR) – Wednesday, February 3 Announcement of Class and Component Prices – Wednesday, February 3 Dairy Products (December ’20) – Thursday, February 4 USDA Dairy Market News Midpoint Prices – Thursday, February 4 USDA Weekly Dairy Cow Slaughter – Thursday, February 4 USDA Biweekly International Prices – Thursday, February 4 US Dairy Export/Import Data (December ’20) – Friday, February 5 ![](https://www.highgrounddairy.com/wp-content/uploads/2021/02/0cce7eb7-052c-45f5-be7b-7e496f7f9434.png) Tags: [US Dairy Markets](https://blog.highgrounddairy.com/tag/us-dairy-markets) Share on: - - - ### You May Also Like ### [13 September 2021 US Dairy Markets Both Bullish And Bearish Influences Compete To Drive Fall Cheese Prices](https://blog.highgrounddairy.com/lets-chat-markets-weekly-recap-august-20-2021-1-0-0) ### [30 August 2021 US Dairy Markets Dairy Revenue Protection (DRP) Coverage Update 8/30/2021](https://blog.highgrounddairy.com/drp-update-8/30/2021) [Back to blog](https://blog.highgrounddairy.com/) ### Subscribe Latest Posts - [Let's Chat Markets: Weekly Recap February 11, 2022](https://blog.highgrounddairy.com/lets-chat-markets-february-11-2022) 17 February 2022 | 4 min read - [Let's Chat Markets: Weekly Recap January 7, 2022](https://blog.highgrounddairy.com/lets-chat-markets-january-7-2022) 11 January 2022 | 5 min read - [DMC Update: Re-Enrollment of Additional Production & Adjustment to Alfalfa Portion of Feed Cost Estimate](https://blog.highgrounddairy.com/dmc-update-8-december-2021) 13 December 2021 | 2 min read - [Let's Chat Markets: Weekly Recap November 24, 2021](https://blog.highgrounddairy.com/lets-chat-markets-october-2021) 29 November 2021 | 10 min read - [Let's Chat Markets: Special Episode with Chris Walkland](https://blog.highgrounddairy.com/lets-chat-markets-chris-walkland) 16 November 2021 | 16 min read [Back to Latest](https://blog.highgrounddairy.com) ## Post navigation [Previous](https://blog.highgrounddairy.com/two-important-charts-24-state-milk-cows-milk-production) [Next](https://blog.highgrounddairy.com/third-stimulus-bill-bullish-for-cheese) Futures and options trading involves substantial risk and is not suitable for all investors. 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