The market sentiment for EU cheeses was bullish during the week ending 8th June 2023. For reference, the Mintec Benchmark Prices (MBP) for Gouda EXW was last assessed on 8th June at €3,525/mt, up 1% on the week. The main growth driver is the strong demand both in the domestic and international markets. Retail sales have performed more strongly than anticipated; some sources indicated double-digit growth of cheese sales volumes at discounters over the last two months compared to the same period last year in Spain and Portugal. Additionally, food service demand was steady and international demand propped up prices, particularly sales to the Middle East and North Africa.
According to market participants, EU cheese prices will likely continue to rise slightly in the coming weeks. Fundamentals remain unchanged, and stocks are not a burden for cheese producers, who do not have any sales pressure in the short term. However, other sources raised doubts that domestic demand could be further sustained in Q3 2023.
Also, the EU mozzarella price rose over the last week. According to some market sources, tight supplies resulted in higher prices during the week. The MBP for Mozzarella EXW EU was last assessed on 8th June at 3,450/mt, up €50/mt week-on-week.
