Gas can be bought for 99¢/gal in some parts of the country, and apparently cheese can too, with a load of barrels trading under $1/lb during Thursday’s spot session. The block/barrel average pushed in to new lows, settling at $1.03/lb, a level not seen since February, 2003.
Spot Market Recap
There was a GDT auction this week, but it seems divorced from reality. The dairy price index increased 1.2%, its first move higher since the Jan 21 auction. Cheddar cheese gained 0.2% to a US-equivalent $1.99/lb, which seems laughable in light of domestic prices at almost half that level.
Note: Markets will be closed tomorrow in observance of Good Friday.