Cheese
EU price development stands out
Europe
And up we go
A tighter liquids market and rising prices for cream and SMP are particularly having an effect on the EU Gouda market. The prices for Gouda have risen by some 10% since last month to EUR 3500 for September delivery and EUR 3600 for Q4, ex works. Gouda prices were affected from both sides: supply contracted and demand began its usual winter surge. The mozzarella prices were a little less affected but at the current price level of EUR 3650 ex works this cheese continues to be higher priced than Gouda still, which is unusual for the time of the year. Demand for mozzarella remains strong yet and higher than the EU production capacity. However, seasonal demand weakening is expected to occur soon enough so there is probably no further upward potential. The EU cheddar market is also quite tight and at the current price level of EUR 3750 ex works there are few offers from Irish or Eastern EU producers. At these prices EU cheddar has no role to play on the world market, as US and Oceanian supply is much more competitive.
Americas
Cheddar prices are range bound
Domestic demand for cheddar remained flat, same as last month. There is very little activity outside of contracted volumes and no expected growth in demand from end users yet. During the last week of August export demand for cheddar began to increase. It remains to be seen though how much of this will sustain now that the early September GDT price for cheddar took a bit of a dive. As for the supply side it seems that certain processors have higher availability and it feels like exports may be able to absorb some of the excess without it pulling prices up to a higher range. The current price for colored cheddar is about USD 1.47-1.52/lb (3240-3350/t) and white cheddar is sold at around USD 1.55-1.65/lb (3400-3600/t), both ex works. Mozzarella production is steady and it easily finds its way to the market, both domestically and to export destinations.
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