USDA’s Dairy Products report showed 1.19 billion pounds of
cheese production in July, an increase of 1.9% over last July and 2.7% more
than June. However, Cheddar production fell 5.8% from last July, which helps to
explain the runup in Cheddar prices at the CME over the past few weeks.
Butter production was 162 million pounds, 2.2% more than
July 2023, but 3.8% less than June 2024.
Nonfat dry milk dropped 8.6% from last year to 122
million pounds, and skim milk powder fell 13.8% to 62.4 million pounds.