Nov 12, 2021 - Economy
Early November was the perfect time to buy a barrel of cheese
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If you’re in the market for a barrel of processed cheese, a short window in late October and early November would have been the time to buy.
The big picture: Schreiber Foods, a Wisconsin dairy, suffered a cyberattack that shut its operations for several days late last month, the Wisconsin State Farmer reported.
- Barrels of cheese, which Schreiber buys and then turns into slices, piled up when the company temporarily stopped buying them — causing a glut that sent prices lower, Bloomberg reported.
Why it matters: Cyberattacks are hitting U.S. companies more frequently, targeting critical energy and IT infrastructure — with fallout across all industries.
- Spot prices for 500-pound barrels of Wisconsin white cheddar had plunged about 19% by the time they hit bottom, according to FactSet.
Go deeper: U.S. economy adds 531,000 jobs in huge hiring rebound
