---
title: EU cheese prices continue fall sharply in December
description: The bearish sentiment in the EU yellow cheese market strengthened during the week ending the 8th December. Both gouda and edam prices dipped sharply, resulting in the biggest weekly fall in the year to date. While demand remains muted, as most buyers appear to have covered procurement needs for 2022, increasing supply is reported with the growing milk intake across the EU
image: https://www.mintecglobal.com/hubfs/Cheese1-Dec-13-2022-03-28-08-8043-PM.jpg
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# EU cheese prices continue fall sharply in December
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December 13, 2022
1 mins read
The bearish sentiment in the EU yellow cheese market strengthened during the week ending the 8th December. Both gouda and edam prices dipped sharply, resulting in the biggest weekly fall in the year to date. While demand remains muted, as most buyers appear to have covered procurement needs for 2022, increasing supply is reported with the growing milk intake across the EU. In September, milk output grew 0.5%, year-on-year (y-o-y), becoming the first month with y-o-y growth in the previous seven months. According to market sources, it is expected that there will be a milk output surplus in October and November, because mild weather lasted until November and allowed for an autumn flush of grass, consequently boosting milk production. Additionally, high farmgate prices fuelled dairy farmers’ margins and encouraged milk production. Furthermore, genetic improvements in the herd continue to be reported, offsetting the fall in milking cowherd numbers.
Thus, Q1 contracts for gouda and edam are in backwardation, with prices under €3,850/mt. According to market participants, “Bearish market sentiment is very strong, and it’s expected that gouda and edam prices will reach bottom floor prices of €3,000/mt, or even lower, in H1 2023.” For reference, the Mintec Benchmark Prices (MBP) for Gouda EXW Europe [[Mintec Code: J114](https://www.mintecanalytics.com/workspace/commodity/J114)] was last assessed on the 8th December at €3,945/mt, down €1,325/mt since its peak in mid-August. Meanwhile, the MBP for Edam EXW Europe [[Mintec Code: J113](https://www.mintecanalytics.com/workspace/commodity/J113)] stood at €3,945, down 6% week-on-week (w-o-w).
As with yellow cheeses, mozzarella prices plummeted during the week, with forward contracts lower than spot prices. It was reported that January contracts are below €3,800/mt. The MBP for Mozzarella EXW EU [[Mintec Code: ED27](https://www.mintecanalytics.com/workspace/commodity/ED27)] was last assessed on 8th December at €3,850/mt, down by 8.3% w-o-w.
Topics: [Dairy & Eggs](https://www.mintecglobal.com/top-stories/tag/dairy-eggs)
Jose Saiz
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