Dairy
Cheese
2,900
3,000
3,100
3,200
3,300
3,400
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Cheddar EU - EUR/MT
Sep 20 Dec 20 Mar 21
J119 - Cheddar mp EU
In the EU, cheese demand continued to rise in December due to sustained retail demand and higher
demand from the foodservice sector ahead of the festive period. The December average price of EU
cheddar reached EUR 3,346/MT, slightly up 1,2% m-o-m and up 7.3% y-o-y.
During the cheddar auction in December, the New Zealand cheddar average price rose slightly by
0.8% m-o-m to NZD 7,620/MT, and was up 41.8% y-o-y. The New Zealand cheese market has a good
supply-demand balance, with steady cheddar output and ample inventories.
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Cheddar NZ - NZD/MT
Sep 20 Dec 20 Mar 21
1X03 - Cheddar auction fas NZ/AU
3,000
3,300
3,600
3,900
4,200
4,500
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Cheddar US - USD/MT
Sep 20 Dec 20 Mar 21
CCUS - Cheddar CME US (DH-3)
Despite ample US cheese inventories, strong domestic demand ahead of the holiday season fuelled
US cheese prices. There were 1.42 billion pounds of cheese in US cold storage at the end of Nov '21,
up 5% y-o-y and the highest November tally on record. The December average price of US cheddar
stood at USD 4,161.6/MT, slightly up 5.8% m-o-m and up 6.6% y-o-y.
The December average Mintec Benchmark Prices for UK cheddar rose slightly to GBP 3,495/MT, up
by 0.4% m-o-m and 19.5% y-o-y. Continuing problems with shipment and transportation have led to
additional issues in the supply chain. Due to rising production costs on farms, traders noted that UK
milk prices should continue to increase in the coming months, and this is likely to further support
cheese prices, particularly if butter demand remains firm, thus making cheese returns less attractive.
2,600
2,800
3,000
3,200
3,400
3,600
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Cheddar UK - GBP/MT
Sep 20 Dec 20 Mar 21
DI19 - Cheddar mild exw UK (MBP)
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