The United States is facing a unique food crisis. The land of the free and the home of the brave has an overwhelming abundance of cheese.
America has 1.19 billion pounds of stockpiled cheese—or the equivalent weight of 90,000 African elephants. The surplus is at its highest in 30 years—since 1984, to be precise.
The surplus has mounted due to a confluence of factors.
In recent years, dairy prices have soared, causing the the international dairy industry to boost production in response. Now, however, dairy prices have plunged.
As Bloomberg reported on April 29, European Union dairy prices in particular are cheap, which has led to a rise in their exports in recent years.
Due to the relative strength of the U.S. dollar versus the Euro, European Union dairy products are cheaper than American dairy products, which has attracted consumers in the Middle East and Asia.
