Copyright © 2021 Mintec Limited Contents
Slower-than-expected retail demand for cheese, the later than expected re-opening of the
foodservice sector and unfavourable weather slightly increased cheddar prices in June. The June
average price of EU cheddar reached EUR 3,140/MT, up 3.6% y-o-y and 0.6% m-o-m.
During the cheddar auction in June, NZ cheddar average price rose by 3.2% m-o-m to reach NZD
5,984.7/MT, bringing New Zealand cheese prices more in line with global prices and up 7.9% y-o-y. In
June, there was a considerable increase in the volume of New Zealand cheddar on offer, which
provided more insights into cheese demand for the coming season.
In the US, foodservice sales were primarily stable in June and export demand was solid. Although, the
ample US cheese production and the significant accumulation of cheese stocks in May, up 1.1% m-om,
pushed down cheddar prices in June. The June average price of US cheddar stood at USD
3,966/MT, down 2.3% y-o-y and slightly down 3.6% m-o-m.
The reopening of the foodservice and hospitality sectors has not yet delivered the demand that
suppliers were expecting. Therefore, the June average Mintec Benchmark Prices for UK cheddar rose
to GBP 3,025/MT, marginally up by 0.1% m-o-m and 3.9% y-o-y.