Cheese-Centric Travel Popular Among Foodies, Professionals

Total Page:16

File Type:pdf, Size:1020Kb

Cheese-Centric Travel Popular Among Foodies, Professionals Volume 36 August 19, 2016 Number 31 Cheese-centric travel popular Like us on Facebook and follow us on Twitter! among foodies, professionals A By Rena Archwamety a specialty cheese and food • Meeting the source once or twice a year. However, shop, says she models her trips Jeanne Carpenter, founder the payoff for letting people in INSIDE MADISON, Wis. — As visitors after wine tours as well as the of Wisconsin Cheese Origi- can be a great benefi t for the each year travel to see the educational experiences she nals (http://www.wisconsin- cheesemaker as well as the tour. ✦ Guest columnist: grand chateaus of France, taste and her family typically enjoy cheeseoriginals.com), leads “Any time you let a consumer ‘What is driving the wines in California’s Napa Val- on vacation. cheese tours mainly in Wiscon- into your plant or factory and have growth in milk protein?’ ley or spend a day on a pictur- During Cheese Journeys’ sin, but also to various locations them watch you making cheese or For details, see page 4. esque farm in Wisconsin, many two Fromages de France tours abroad every other year. talking to you, you absolutely have are adding another must-do to next month, Juhl will lead par- Carpenter says she always a customer for life,” Carpenter ✦ Grassfi elds Cheese their itineraries — cheese. ticipants through the eastern tries to visit at least one farm on says, adding that the people who issues nationwide recall. “The fastest-growing seg- borders of France near Ger- every tour so that people can make go on these tours tend to be those For details, see page 5. ment in tourism is food tour- many, Switzerland and Italy, the connection between well- who want to share their experi- ism,” says Anna Juhl, who exploring Alpine-style cheeses treated cows, goats and sheep and ences and infl uence others. ✦ Mike and Carol Gingrich four years ago founded New and regional wines through- the cheese made from their milk. “They tend to be ‘super food- honored with Lifetime York-based Cheese Journeys out the 12-day tour. They will “Lots of folks have never seen ies’ — people that read labels, Achievement Award. (http://www.cheesejourneys. stay in a 1,000-year-old Cha- a cow or sheep up close on a farm. ask cheesemongers questions, For details, see page 8. com), which offers educative teau, watch Trappist monks It can be really life-changing for know a little about cheese al- travel experiences in the make Abbey de Tamie cheese the average consumer buying ready and want to learn more,” ✦ New media brand United States and abroad that at their monastery, shop local cheese to see where that milk Carpenter says. “They want to to support ProFood Tech. attract both cheese enthusiasts food markets and learn cook- is coming from,” she says. “Any go on a tour so they can come For details, see page 12. and cheese professionals. ing tips from a French chef. time you can get people back to back and buy the cheese, host Juhl, who previously owned Stateside in March, the farm and connected to the a dinner party and tell their Cheese Journeys is offering animals is a good thing.” friends they were on that farm a 10-day Cheeses of Oregon Carpenter says one of her and met the cheesemaker.” OF THE tour that will take partici- more popular past tours was a In addition to visiting local pants along the coast to visit two-day trip to southwestern cheesemakers, Juhl enlists CHEESE MONTH cheesemakers, coffee shops, Wisconsin’s Driftless Area, the help of experts in cheese Photo courtesy wineries and breweries, end- where the highlight was spend- and other specialties during of WMMB Cheddar ing at Rogue Creamery’s 13th ing almost an entire day at her Cheese Journeys tours to Annual Cheese Festival. Hidden Springs Creamery in provide extra insight. Among Flavor, versatility of Cheddar Cheese Journeys also Westby, Wisconsin, walking these educators are cheese and hosts shorter excursions, such through the sheep pastures wine expert and author Max as a weekend getaway explor- and visiting with owner and McCalman, as well as other boost demand, innovation ing cheese in Chester County, cheesemaker Brenda Jensen. accomplished food writers and Pennsylvania, planned for She adds that cheesemakers photographers, cheesemongers Editor’s Note: “Cheese of the Month” is Cheese Market News’ exclu- September 2017. are very busy, so she tries not and chefs from around the world. sive profi le series exploring various cheese types. Each month, CMN “There are always so many to ask any one cheese company When traveling with a chef or a highlights a different cheese in this feature, giving our readers a places to go,” Juhl says. to host a big group more than comprehensive look at production, marketing, sales and in-depth Turn to TOURS, page 11 a aspects of each profi led cheese type. Please read on to learn about this month’s featured cheese: Cheddar. By Stephanie Awe High Desert Milk wins White House wants TPP passed before MADISON, Wis. — Cheddar — a rich, natural cheese — originates IMPA contest with butter from Somerset in England around the late 12th century, and it has since the end of the year been embraced by the United States. From sandwiches to snacking to SUN VALLEY, Idaho — An 80-percent salted sweet cream butter WASHINGTON — The White inclusion in recipes, Cheddar is a multifaceted, fl avorful cheese that made by High Desert Milk, Burley, Idaho, received Grand Champion House last Friday submitted is a prominent part of America’s palate. honors at the 2016 Idaho Milk Processors Association (IMPA) Dairy a draft Statement of Admin- Natural Cheddar (fi xed weight only) is the top-selling variety of Product Contest. istrative Action to Congress, natural cheese at multi-outlet and convenience stores in the United Fresh Mozzarella Bocconocini made by Ray Cisneroz, Sorrento indicating that it wants States, with a 27-percent volume share among all cheese types (52 Lactalis Inc., Nampa, Idaho, was fi rst runner-up, while Promotory Congress to pass the Trans- weeks ending July 10, 2016), according to Information Resources Inc. made by Steffan Christiasen of Beehive Cheese Co., Uintah, Utah, Pacifi c Partnership (TPP) (IRI) data courtesy of Dairy Management Inc. Second to Cheddar in was second runner-up overall. before the end of the year. the lineup is cream cheese, with 13-percent volume share. On average, Contest judging took place Aug. 9 at the Glanbia production plant The International Dairy U.S. consumers purchase about 8.6 pounds of Cheddar each year from in Twin Falls, Idaho. Awards were announced and the winners in all Foods Association (IDFA) these outlets and stores, the data says. classes except manufacturing cheese were auctioned off Aug. 11 notes that the statement Prior to 1850, Cheddar made up almost all of the cheese produced during the wine and cheese social at the IMPA annual conference outlines several major admin- in the nation, according to the Wisconsin Milk Marketing Board in Sun Valley, Idaho. This year’s auction raised a total of $21,800 for the IMPA Scholarship Fund, and the remaining cheese was donated istrative actions that would Turn to CHEDDAR, page 6 a Turn to IMPA, page 10 a Turn to TPP, page 10 a © 2016 CHEESE MARKET NEWS® — This is Cheese Market News’ E-subscription and may not be forwarded to anyone other than the intended paid subscriber without the express permission of Cheese Market News (For more information, contact [email protected]) 2 CHEESE MARKET NEWS® — August 19, 2016 MARKET INDICATORS Chicago Mercantile Exchange Cash prices for the week ended August 19, 2016 CHEESE FUTURES for the week ending August 18, 2016 (Listings for each day by month, settling price and open interest) Monday Tuesday Wednesday Thursday Friday Aug. 15 Aug. 16 Aug. 17 Aug. 18 Aug. 19 Fri., Aug. 12 Mon., Aug. 15 Tues., Aug. 16 Wed., Aug. 17 Thurs., Aug. 18 AUG16 1.819 4,157 1.820 4,158 1.821 4,158 1.822 4,156 1.818 4,156 Cheese Barrels SEP16 1.809 3,793 1.825 3,806 1.840 3,811 1.865 3,831 1.890 3,831 Price $1.8650 $1.8650 $1.8650 $1.8650 $1.8650 OCT16 1.769 3,242 1.785 3,247 1.794 3,261 1.820 3,270 1.847 3,272 Change NC NC NC NC NC NOV16 1.726 3,532 1.734 3,532 1.751 3,523 1.770 3,529 1.790 3,533 DEC16 1.697 3,330 1.700 3,331 1.710 3,322 1.717 3,333 1.733 3,332 Cheese 40-lb. Blocks JAN17 1.681 1,124 1.681 1,126 1.686 1,126 1.683 1,158 1.700 1,159 Price $1.7800 $1.7800 $1.8200 $1.8650 $1.8650 FEB17 1.677 986 1.680 988 1.680 988 1.680 1,020 1.687 1,022 MAR17 1.681 984 1.688 986 1.688 986 1.682 1,017 1.688 1,020 Change NC NC +4 +4 1/2 NC APR17 1.696 820 1.694 821 1.694 821 1.685 855 1.687 860 MAY17 1.706 731 1.706 732 1.706 732 1.700 765 1.701 769 Weekly average (Aug. 15-19): Barrels: $1.8650(-.0120); 40-lb. Blocks: $1.8220(+.0260). JUN17 1.730 693 1.723 694 1.723 694 1.722 725 1.722 727 Weekly ave.
Recommended publications
  • October 25, 2019 • Madison, Wisconsin EU Grants GI Status to Havarti; US Milk Production Rose 1.6% in Sept
    d's Dairy orl In W du e st h r t y g W n i e e v Since 1876 k r e l y S PRECISE, RAPID SHREDS with Urschel CHEESE REPORTER urschel.com Vol. 144, No. 19 • Friday, October 25, 2019 • Madison, Wisconsin EU Grants GI Status To Havarti; US Milk Production Rose 1.6% In Sept. Non-EU Countries Blast Decision Cow Numbers Up Brussels, Belgium—The European Zealand (DCANZ), and Dairy Annex B of the Stresa Convention 7,000 Head In 24 Commission this week granted the Australia, supported by the Aus- of 1951 and it has its own tariff Reporting States country of Denmark protected tralian government. The European line; and production and consump- geographical indication (GI) sta- Commission also received notices tion of Havarti exists in several EU Washington—US milk produc- tion in the 24 reporting states tus for Havarti cheese, a decision of opposition from Camara Nacio- and non-EU countries, certain of during September totaled 16.83 that drew scathing criticism from nal de Productores de Leche of which have a specific legal stan- billion pounds, up 1.6 percent from several non-EU countries. Costa Rica and from Asociacion dard for it. September 2018, USDA’s National Denmark had applied for GI sta- de Desarollo Lacto of Guatemala. The European Commission has Agricultural Statistics Service tus for Havarti about nine years The opponents claimed that assessed the arguments expressed Havarti does not possess a specific in the statements of opposition (NASS) reported Monday. ago. In 2014, the Commission That was the largest percentage quality, reputation or other charac- and has concluded that the name published Denmark’s application, increase in milk production in the teristics that are attributable to the “Havarti” should be registered.
    [Show full text]
  • Price Leadership on the National Cheese Exchange
    Review of Industrial Organization 12: 145±170, 1997. c 1997 Kluwer Academic Publishers. Printed in the Netherlands. Price Leadership on the National Cheese Exchange WILLARD F. MUELLER, BRUCE W. MARION and MAQBOOL H. SIAL 427 Lorch Street, Madison, WI 53706, U.S.A. Abstract. The motivation and trading behavior of the leading cheese companies on the National Cheese Exchange are examined. Although only 0.2 percent of all cheese is sold on the NCE, it is used to formula-price 90-95 percent of the bulk cheese in the U.S. Kraft General Foods, the largest buyer of cheese in the U.S., was the dominant seller on the NCE during 1988-1993, with the apparent purpose and effect of depressing national cheese prices. Kraft's behavior is consistent with that of a barometric price leader that enjoys a signi®cant degree of discretion in shaping the pattern of prices over a price cycle. As presently organized, the NCE facilitates market manipulation. Key words: Price leadership, market manipulation, thin market, cheese prices, auction market, strategic behavior. I. Introduction The National Cheese Exchange (NCE) is a centralized auction market in Green Bay, Wisconsin. Cheese manufacturers and marketers meet weekly for about 30 minutes to buy and sell carlots of bulk cheddar cheese to each other in 40 pound blocks or 500 pound barrels.1 NCE sales account for less than one percent of all cheese made in the U.S. Each year about ®ve sellers and ®ve buyers make virtually all cheese trades. The tiny volume traded in this obscure market by a few traders belies the far- reaching consequences of the prices that are established.
    [Show full text]
  • Cheese Companies Highlight Healthy Snacking Innovation
    Volume 35 June 5, 2015 Number 20 Scan this code for breaking Cheese companies highlight news and the latest markets! healthy snacking innovation By Rena Archwamety occasions overtake standard in snacking and the demand which recently launched sev- meals and more than a third of for more convenient, healthy, eral new snack cheese variet- INSIDE MADISON, Wis. — With consumers buy cheese specifi - on-the-go options. (See “Feed ies, notes that data recently busy lifestyles and on-the-go cally because they are snacking the snack attack” on page 6 in released by IRI shows that ✦ Guest column: ‘20 years schedules, consumers often are more frequently. Many consider this week’s issue.) cheese is among the top 10 of change in one bite.’ reaching more for snacks and cheese a great snack, and cat- “The whole snacking cheese most popular snacks for both are less tied to the traditional egory innovations including category continues to grow, and adults and children. For details, see page 8. three meals a day. And with single-serve varieties are mak- there are a couple of reasons be- “Consumers are looking ✦ Revised proposals more interest in healthy, natu- ing it easier for Americans to hind this,” says Chris McCarthy, for healthier options that of- submitted on California ral foods that are both fi lling enjoy cheese whenever and marketing director, Sargento fer unique and sophisticated federal order. and fl avorful, cheese stands in wherever they please.” Foods Inc. “The millennial flavors,” says Bryan Olson, For details, see page 11. a perfect place to satisfy today’s According to an October consumer is snacking more senior vice president, market- snackers.
    [Show full text]
  • Spot Cheese Market
    International Food and Agribusiness Management Review Volume 18 Issue 3, 2015 An Empirical Analysis of Wholesale Cheese Pricing Practices on the Chicago Mercantile Exchange (CME) Spot Cheese Market a b Yuliya V. Bolotova and Andrew M. Novakovic a Assistant Professor of Agribusiness, Department of Agricultural and Environmental Sciences, Clemson University, 237 McAdams Hall, Clemson, South Carolina, 29634-0310, USA b E.V. Baker Professor of Agricultural Economics ,Charles H. Dyson School of Applied Economics and Management, Cornell University, 451A Warren Hall, Ithaca, New York, 14853-7801, USA Abstract The CME spot cheese market performs a number of key functions in the United States dairy industry. The CME spot cheese prices are used as reference prices in contract cheese market, and they also influence milk prices at the farm-first-handler level set within a public pricing system, the Federal and State Milk Marketing Orders. The CME spot cheese market performs a critical price-discovery function in the United States dairy industry. This research evaluates the nature of pricing practices used by CME cheese wholesalers during the period of 2000-2014. The analysis focuses on the farm-to-wholesale price transmission process, which reflects the nature of cost pass-through. The empirical evidence presented in the article indicates that pricing strategies of cheese sellers in the analyzed market are consistent with the ones predicted by the profit- maximization models of oligopolistic behavior. The overall empirical evidence may suggest that cheese sellers on the CME spot cheese market used an output (cheese) price stabilization method during the analyzed period of time. Keywords: asymmetric price transmission, cheese industry, Chicago Mercantile Exchange, cost pass-through, dairy industry, Federal Milk Marketing Orders, oligopoly, price regulation, price stabilization practice, spot market, supply chain management, thin market Corresponding author: Tel: + 1.864.656 4079 Email: Y.
    [Show full text]
  • June 19, 2020
    d's Dairy orl In W du e st h r t y g W n i e e v Since 1876 k r e l y S Outshred Your Competition CHEESE REPORTER www.URSCHEL.com Vol. 145, No.1 • Friday, June 19, 2020 • Madison, Wisconsin US Dairy Groups Criticize Canada’s Milk Production Fell 1% In May; Output Allocation Of Tariff-Rate Quotas Declined 1.5% In CA, Canadian Dairy Processors Praise Decision To On Monday, the Canadian gov- 3.1% In Wisconsin ernment issued notices to import- Washington—US milk produc- Allocate Majority Of TRQs To Processors ers that set out the policies and tion in the 24 reporting states practices pertaining to the admin- during May totaled 17.96 billion Arlington, VA, and Ottawa, Whey powder is the exception, istration of Canada’s TRQs under pounds, down 1 percent from May the report said: its TRQ would rise Ontario—Two US dairy organi- the CUSMA. 2019, USDA’s National Agricul- to 4,303 metric tons by year 10, zations this week criticized the There are two TRQs for cheese, tural Statistics Service (NASS) after which it would be eliminated. Canadian government’s alloca- one for cheese for industrial use, reported Thursday. Under the USMCA, which is tion of its dairy tariff-rate quotas which applies to bulk shipments NASS revised its April milk known in Canada as the Canada- (TRQs) under the US-Mexico- for further food processing; the production estimate down by 47 United States-Mexico Agreement Canada Agreement (USMCA). other, cheese of all types, is for any million pounds, so April milk out- (CUSMA), Canada will adminis- Under the USMCA, which will use.
    [Show full text]
  • Cheese Pricing
    3h 9 ûoa/sTfi Tlc^W >i»««rv^ United States Department of Agriculture Cheese Economics and Statistics Service Pricing Agricultural Economic Report No. 462 Harold W. Lough :x3S 73 Ci. ni'-c: —n .—Í 'p- ' r or) — ir,S> Cbeese Mdng by Harold W. Lough. National Economics Division, Economics and Statistics Service; U.S. Department of Agriculture. Agricultural Economic Report No. 462 Abstract Cheese prices, key market indicators for the entire dairy industry, rose rapidly in the seventies because of rising demand for cheese. Cheese prices nationwide follow those on the National Cheese Exchange, which itself handles less than 1 percent of total U.S. cheese production. Retailers usually give cheese the highest profit margin of all dairy products; since 1973, retail cheese prices have risen more rapidly than whole- sale prices. Dairy farmers receive about 48 cents for the milk used in $1 worth of cheese at the retail level; processing, packaging, and marketing take the other 52 cents. Keywords: Cheese, marketing, price making, milk, National Cheese Exchange, dairy. Washington, D.C. 20250 December 1980 Contents Page Summary i" Introduction 1 Pricing Methods 2 Farm Milk 3 Cheese Plant Sales 7 FirstHandler Sales 8 Retail Store Sales 9 Imports 9 Price Trends 10 Market Prices 10 Price Interrelationships 13 National Cheese Exchange Base Price Analysis 28 Price Spreads 31 Literature Cited 38 Appendix Tables 40 Summary Cheese prices are key indicators of changing market values for the entire dairy indus- try. Cheese doubled in price in the seventies and became the prime manufactured dairy product, utilizing 25 percent of all milk.
    [Show full text]
  • Dairy and Food Sanitation 1986-03
    ISSN:0273-2866 UNIVERSITY MICROFILMS March 1986 Box 701 INTERNATIONAL Vol. 6, No. 3 Ames, Iowa 50010 300 NORTH ZEEB ROAD ANN ARBOR MI Pages 93-132 4S106 $6.00 A Publication of the Intomatlonal A$aoclatlon of Milk, Food and Envlronmantal Sanharlana, Inc. NCIMS Informational Statements The 3-A Story Dairy Industry Committee Elects ACDPI Conference New Chairman March 16-19 DC Davis Sensory Evaluation of Food American Academy Course April 7-11 of Microbiology Elects New Fellow 73rd lAMFES Annual Meeting August 3-7, 1986 Minneapolis, Minnesota Get Ready For The Best Meeting of 1986 lANFES 73rd ANNUAL MEETING .NOifi August 3*7, 1986 Radisson South Minneapolis, MM This exciting Convention will feature: M Informative Sessions. .food, milk d? environmental M Exhibits — time in the history of lAMFES_ M Social Events_ M Awards_ M Business Meetings_ M Renewing Beginning Friendships_ B Partner Program_ M networking_ ■ Ideas Come Away With a Wealth For more information contact: K. R. Hathaway of new Information, lAMFES, Inc. P.O. Box 701 Ames, lA 50010 515-232-6699 Look for Registration Form and Program in the April issue of this Journal President's Message All indications point to another successful year for your association. Kathy and her staff have increased advertising, and membership renewals have continued at a record rate. Roy and the Local Arrangements Committee have facilities and the program nearly complete as of January for our annual meeting in Minneapolis on August 3-7, 1986. The program format will be similar to that for 1985 in Nashville with committee meetings starting on Sunday afternoon and continuing Monday morning, and the early-bird reception Sunday evening.
    [Show full text]
  • Cheese Pricing Systems SERIES by Studies of the Organization and Marvin L
    MAGR GOVS N. C. Project 117 NS 1250 WPS-38 WORKING PAPER Cheese Pricing Systems SERIES By Studies of the Organization and Marvin L. Hayenga Control of the U.S. Food System dP-38 August 1979 II Agricultural Experiment Stations of Alaska, California, Cornell, Illinois, Indiana, Iowa, Kansas. Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Mexico, North 1 Dakota, Ohio, South Dakota and Wisconsin. APR 1 1985 I ST. PAUL CAMPUS LIBF, EMI Cheese Pricing Systems By Marvin L. Hayenga WP-38 August 1979 The author is a Senior Economist of the North Central Regional Research Project 117, and Visiting Professor at the Department of Agricultural Economics, University of Wisconsin-Madison. Introduction The pricing systems used in the cheese industry are an intriguing blend of a thinly traded open market (the National Cheese Exchange, at Green Bay, Wisconsin) and a heavy dependence upon "formula pricing contracts" where the ultimate transaction price is directly based upon the level of the Cheese Exchange price. This study attempts to determine the extent of formula pricing arrangements used in the cheese industry, and the advantages and problems of that pricing system. Policy impli- cations are then briefly considered, especially regarding congressional proposals to ban similar pricing systems in the meat industry. A survey of the six leading cheese processing and marketing corpor- ations focused on the pricing systems in use between them, their suppliers, and their customers.1/ Confirmation of the pricing systems in use, and additional perspectives on the strengths and weaknesses of formula pricing systems were obtained from interviews with seven major retail and food service buyers of cheese, two cheese wholesalers and assemblers, a cheese importer, and nine cheese manufacturing plants.
    [Show full text]
  • December 11, 2020
    d's Dairy orl In W du e st h r t y g W n i e e v Since 1876 k r e l y S CHEESE REPORTER Vol. 145, No. 26 • Friday, December 11, 2020 • Madison, Wisconsin USTR Challenges Canada’s Dairy USDA Hikes 2020, 2021 Milk Production Tariff-Rate Quotas Under USMCA Forecasts, Lowers Canada’s Dairy TRQ Allocation Measures 3.A.2.11(b) because Canada is set- Cheese And Butter ting aside and reserving a portion Price Forecasts Appear Inconsistent With USMCA Provisions of the quota to processors. Second, the measures appear Washington—The USDA, in its Washington—The United States cation measures, Canada sets aside to be inconsistent with Arti- monthly supply-demand estimates is challenging Canada’s allocation and reserves a percentage of those cles 3.A.2.4(b) and 3.A.2.11(e) released Thursday, raised its 2020 of dairy tariff-rate quotas (TRQs) within access quantities for par- because Canada is not providing and 2021 milk production forecasts under the US-Mexico-Canada ticular importer groups. “fair” and equitable” procedures and lowered its cheese and butter Agreement, US Trade Representa- Under the USMCA, Canada has and methods for administering its price forecasts for both years. tive Robert Lighthizer announced the right to maintain 14 tariff-rate TRQs. Milk production for 2020 is pro- Wednesday. quotas on dairy products, includ- Third, the consultation request jected 200 million pounds higher If the US and Canada are ing industrial cheeses, cheeses of continued, the measures appear than last month, at a record 225.9 not able to resolve US concerns all types, milk, cream, skim milk to be inconsistent with Article billion pounds, on higher cow through consultations, the US powder, butter and cream pow- 3.A.2.11(c) because Canada fails numbers.
    [Show full text]
  • Kraft Foods up to Its Old Tricks … As Cheddar Pr
    Kraft Foods Up to Its Old Tricks … As Cheddar Pr by John Bunting “when NCE block prices decreased by $.10 per pound, Kraft’s gross profit mar- The concept of absolute monarchs, with divine rights, has long been dis- gins for natural cheese increased by 7.3 cents per pound.” credited. But, in dairy, we see a general acceptance of the “divine rights of mar- There is no reason to think Kraft’s motivations in 2011 are any different kets.” For dairy farmers, “the market” is the cash commodity trading of Ched- than they were in the 1990s: cheaper Cheddar boosts net profits. Kraft, in order dar, Grade AA butter, and nonfat dry milk at the Chicago Mercantile Exchange to sell the cheese at the CME, first had to buy relatively expensive Cheddar to (CME). Farm milk checks are essentially produced from cash market data orig- crash the price. Kraft has closed its U.S. Cheddar plants in recent years. inating at CME. The CME is purported to be a place where “surplus” Cheddar is sold. Kraft, nevertheless, walked away from a bid for barrel Cheddar on August 23, 2011, CME Trading Determines Farm Milk Prices which would have raised the price. The bid was by Grain Millers (based in Min- neapolis), which might have gotten its signals crossed, because the next day the Annual Data: 1992 - 2010 opening bid by Grain Millers was less than the closing price of the previous day. $2.00 $25 $1.80 CME Spot "Market" Drove Down Futures: $1.60 $20 Weekly Data for August 2011 Data source: USDA& CME Compiled by: John Bunng 09 11© $1.40 $20.50 $2.20 $1.20 $15 $20.00 $2.10
    [Show full text]