The EU cheese market has become bearish over the last two weeks, with most EU cheese prices having price dropped for two consecutive weeks. Markets have started to realise that their milk predictions were pessimistic, and consumption has weakened. As a result, there is a change in fundamentals.
Milk collections across the EU have improved significantly, compared to H1 2022 milk collections, due to favourable weather conditions, while EU consumers have traded down, tightening their budgets, and turning to supermarkets’ own-brand products. Pressure on consumer wallets coincided with a return to more normal shopping patterns, following the acute phase of the pandemic.
For reference, the Mintec Benchmark Prices for Gouda EXW Europe was last assessed on 20th October at €4,900/MT, down 2% week-on-week (w-o-w). Meanwhile, the Mintec Benchmark Prices for Edam EXW Europe stood at €4,695/MT.
As with other cheese categories, mozzarella prices declined during the last week. Steady supply and lower demand than the previous week drove prices down w-o-w. The Mintec Benchmark Prices for Mozzarella EXW EU was last assessed on 20th October at €4,695/MT, down 6% w-o-w.
Mintec hosted a free Dairy webinar on 26th October to discuss the current global situation.