As with other dairy commodities across the EU, the bearish sentiment strengthened. During the week ending 10th November 2022, EU cheese prices tumbled with both edam and gouda prices declining week-on-week to a five-month low. Dairy traders have driven down prices with short positions, but manufacturers are still holding prices. Due to the higher valorisation of cheese versus other dairy commodities, milk processors channelled more milk to cheese, consequently, reports are that EU stocks have built up over the past four weeks and could pressure prices further in the coming weeks.
For reference, the MBP for Gouda EXW Europe [Mintec Code: J114] was last assessed on 10 November at €4,600/mt, down €200/mt week-on-week. Meanwhile, the MBP for Edam EXW Europe [Mintec Code: J113] stood at €4,615, down €135/mt week-on-week.
In line with other cheeses, European mozzarella prices dropped during the week. Steady supply and lower demand than the previous week drove prices down week-on-week. One market source stated, “We still don’t see any stocks for mozzarella. However, we know some producers are able to offset lower mozzarella prices with current prices for WPC. The MBP for Mozzarella EXW EU [Mintec Code: ED27] was last assessed on 10 November at €4,645/mt, down by €130/mt week-on-week.