Cheese
Mozzarella is the summer cheese
Europe
It has been quite a bumpy ride in June
The EU cheese market has had a much more turbulent month than our graph suggests, as the price levels that we can quote for early July are largely in line with the ones we presented for June. During the month of June, however, prices for EU cheese took quite a step down, particularly in Gouda and Mozzarella. Generally strong supply made it slightly more difficult to find a home for freshly produced cheese at that point in time. Towards the end of June the effects of the EU heat wave began to depress milk production significantly and even though cheese availability remained quite good the prices climbed back up. Gouda is now traded at EUR 3000-3010 ex works for prompt availability. Mozzarella benefits from peak summer demand that is resilient to the rising prices and is currently changing hands at EUR 3550-3400 ex works. Cheddar prices were less volatile but probably have the highest upward potential going forward as cheddar remains undervalued at the current price of EUR 3300 ex works. There is good availability in Ireland/UK as well as in Eastern EU. Export wise the EU is not a major player as US cheese – particularly mozzarella – is more competitive, making the EU more of niche player for certain customers in export destinations.
Americas
Mozzarella gains a lot of traction
The prices for colored cheddar in the US rose by about 5% in the past month to the current level of USD 1.50-1.55/lb (3300-3400/t) and white cheddar appreciated to USD 1.60-1.65/lb (3500-3650/t), both ex works. Export demand for cheddar is all right but not incredibly good as the US is about on par with EU cheddar. For mozzarella the US had a good export run for Q3 and the focus of the market is now shifting to Q4. Domestic cheese demand remains lukewarm. Food service demand seemed to take a step back and retail demand improved mildly. Overall the demand for mozzarella seems to be a little stronger than that for cheddar. Production of mozzarella exhibits strong growth figures when compared to the same period last year.
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