Did You Know America Has Over a Billion Pounds of Extra Cheese?
If you're a cheese lover, you need not worry. The United States will not be running out of it anytime soon, Adam Shapiro explained today on Fox Business Network.
Reporting from famous Murray's Cheese shop in New York City, Shapiro explained that sky-high milk production has led to a huge cheese backlog.
Cheese prices are falling as a result, including a 45 percent drop for cheddar on the Chicago Mercantile Exchange since 2014.
In addition, China is importing less cheese, while Russia has an embargo on it and Europe is producing more milk. All of that has driven the price of cheese steadily lower.
American shoppers are paying about four percent less at the checkout counter, Shapiro said.
Meantime, the average American eats 36 pounds of cheese in a year.
To close the gap of around 1.2 billion pounds of stored excess cheese, each American would need to eat an extra three pounds annually.
Watch the report above.