USDA Buys $20 Million Worth Of Wisconsin Cheddar Cheese In A Controversial Move
It's a story that's cheesy - but in a good way! The United States Department of Agriculture has announced plans to buy $20 million worth of Wisconsin Cheddar cheese - to alleviate a dairy surplus in the state and contribute to food banks and other government assistance programs.
The move comes on the tails of a 35% drop in dairy revenues in the state over the past two years. The purchase will dry up excess inventory and allow the market to right-side itself towards more sustainable prices.
The purchase will commence immediately and delivery of the cheese is expected to hit the commodity market by March 2017.
Critics of the plan denounce the purchase - saying that it won't put a dent in the cheese and dairy surplus. Industry watchers suggest that the surplus inventory of cheese in the state is closer to one billion pounds.