CME: US Cheese Imports Down 34% Since 2002

US - US dairy imports were mixed in 2011. Cheese imports were 315.3 million lbs., up 3.4% from 2010, the first increase in nine years, writes Alan Levitt, in Tuesday's dairy report.
calendar icon 15 February 2012
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Last year’s small gain notwithtanding, US cheese imports have dropped by 34% since peaking in 2002 (see chart). MPC imports were 118.7 million lbs., down 8.1% from the prior year. Imports of casein and caseinates jumped 39% to 195.1 million lbs. Imports of butterfat dropped 6.3% to 28.8 million lbs., according to the latest USDA/FAS trade data.

USDA lowered its 2012 price forecast in response to higher production estimates. Milk production is predicted to climb to 199.0 billion lbs. this year, +1.1% vs. 2011 (adjusted for leap day). As a result, USDA also reduced its All-Milk price forecast to $18.00- $18.70/cwt., down 35¢ from its January estimate, and down close to $2.00 from 2011’s record high price level.

More than 1,100 cheese futures and options traded yesterday. Cheese futures for FEBAPR settled at an average of $1.5430 today, down 12¢ since the end of 2011. CWT accepted bids to provide export assistance on sales of 6.2 million lbs. of cheese and 4.5 million lbs. of butter for delivery through June. In the first six weeks of the year CWT has assisted on exports of more than 42 million lbs. of cheese and butter

Further Reading

- You can view the full report by clicking here.

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