Cheese Barrel Prices Tumble After Cyberattack on U.S. Manufacturer
(Bloomberg) -- Prices for some processed American cheeses are plummeting as the largest U.S. manufacturer quietly recovers from a cyberattack.
Schreiber Foods in Wisconsin was forced to shut down operations after a cyber event on Oct. 23, a spokesperson said. The attack targeted systems that keep plants and distribution centers running.
The company buys cheese in 500-pound barrels and then turns it into slices that go on a burger or into a sandwich. When it stopped purchasing due to the attack, the barrels piled up, Matt Gould, editor of The Dairy Market Analyst, said in a note. Schreiber’s operations were back online by Oct. 28.
Spot prices for cheese barrels traded in Chicago plunged 17% last week, the most in about a year.
Other bearish signs for cheese include port conditions on the U.S. West Coast getting significantly worse this week, which is likely resulting in cancellations of cheese shipments, Gould said.
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