March 5th: For trading concluding on March 5th, the Chicago Mercantile Exchange 40-pound blocks averaged $1.3205. Barrels averaged $1.2725.

USDA reported NASS trading that ended on February 26th for 40-pound block cheese prices: U.S. prices averaged $1.4921 based on sales of 12,220,773 pounds. Minnesota-Wisconsin prices averaged $1.5487 based on sales of 1,257,263 pounds. Other states averaged $1.4856 based on sales of 10,963,510 pounds.

These prices are from the Chicago Mercantile Exchange, a daily spot-market for cheese and the National Agricultural Statistics Service weekly cheese price survey. Weekly prices set by the Chicago Mercantile Exchange are used for cheese sales the following week.

Prices released by the NASS are a survey of approximately 63 manufacturing plants. The survey is a national survey that includes about 85% of all bulk cheddar cheese sales. Announced at 8:30 on Friday mornings, the NASS price is always a week behind. For example, the NASS price announced July 17 was for the week ending July 10.

As such, the NASS survey runs very close with the CME, but will lag up to two weeks behind when prices are very volatile.

This page now reports weekly average prices following Friday trading. Further information can be found on our daily cheese trading web page [Chicago Mercantile Exchange Cheese Daily Prices]

The Chicago Merc replaced the National Cheese Exchange, historically an important market for pricing 80 to 90 percent of the wholesale cheese in the U.S. Also, the NCE has had a tremendous influence on farm milk prices because of the great effect it has on the basic formula price; the BFP is the foundation price for all prices under federal milk marketing orders.

Note: Since September 1, 1998, cheese has been traded daily at the Chicago Mercantile Exchange. CME cash cheese trading takes place from 10:45 to 10:50 a.m. with a closing call that can go a maximum of another 10 minutes. This web page will continue to report yearly activity, while [Chicago Mercantile Cheese Exchange Daily Prices]  will report the last five days of cheese market trading.

Since USDA began using the NASS survey cheese price to update the BFP, the NASS 40-pound block cheese survey price has become an important benchmark.