The CME cheese and nearby class III milk futures have weakened during the past week. Typically, the cheese markets move seasonally downward in the early summer. Last year the CME cheese block market fell $.22 from late June

through July. Still, rising feed costs, output capacity issues and exports could cause CME cheese prices to trade above $1.90 for most if not all of this summer. The butter market is softening. April US butter (5 fold) and cheese (58%) exports were larger than last year