Lockdowns Are Leaving a Mountain of American Cheese in Storage

(Bloomberg) -- The coronavirus pandemic is creating the biggest glut of American cheese on record.

U.S. cold storage supplies of American and total natural cheeses rose almost 8% in April, the biggest monthly gain in data going back to 2012. Supplies are at record highs as demand takes a hit.

Americans consume a lot of cheese at restaurants rather than in their homes. As a result, futures are near the lowest levels in at least a decade.

©2020 Bloomberg L.P.