The COVID-19 pandemic has played havoc with every economic sector worldwide. Almost all producers are facing financial hardship adjusting their businesses for a tough reality. At the same time, producers of individual protective medical kits and antiviral medicines are reaping fat profits.
Tight nationwide restrictions on food and drink facilities are considered to be the main reason behind a crash in the cheese market in the US. Domestic cheesemakers are suffering record losses in sale prices. The cheddar grade sank sharply 40% on the Chicago Mercantile Exchange. In the spot market, the price of a 40-pound cheddar block, the benchmark for cheese, also slumped 40% to trade at $66.4 for immediate delivery. Besides, trading 18% down, a 500-pound barrel of cheese is now quoted at $700. Despite all headwinds, commodity experts point out that the downturn in the cheese market is not as severe as originally expected. On the plus side, the boom in the delivery and catering business will make up for cheesemakers’ losses incurred by the pandemic.
