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Batavia, NY - After the Senate passed a roughed-out version of a stimulus bill on Fri morning, USA cheese markets rallied. At this point it is too early to tell if the rally is justified. The Senate passed the bill through a special process called budget reconciliation, which avoids the need for Republication cooperation. This bill established the top-line cost of the stimulus ($1.9 trillion), but left the actual work of writing the details of the bill to be accomplished in the next two weeks. We will wait with bated breath for any indication of further market intervention. In the last stimulus, dairy received approximately $1.0 billion of direct support or 0.1% of the $900 billion bill. If the ratio holds for this next stimulus, the government would allocate an additional $2.1 billion for dairy spending.

 

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