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Dairy
Cheese
19Cheddar EU - EU/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
2,900
3,000
3,100
3,200
3,300
3,400
J119 - Cheddar mp EU
The May average price of EU cheddar reached EUR 3,120/MT, up 3.1% y-o-y and 0.6% m-o-m. Cheese
consumption remained steady and cheddar prices rose slightly in May, when traders and companies rushed to
secure supplies in anticipation of accelerating demand with the reopening of the EU economy.
During the cheddar auction in May, NZ cheddar prices fell 3.2% m-o-m to reach NZD 5,918.7/MT, bringing New
Zealand cheese prices more in line with global prices, also slightly down 0.8% y-o-y. In May there was a large
increase in the volume of New Zealand cheddar on offer, which provided more understanding about cheese
demand for the coming season.
Cheddar NZ - NZD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
4,500
5,000
5,500
6,000
6,500
7,000
7,500
1X03 - Cheddar auction fas NZ/AU
Cheddar US - USD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
3,000
3,300
3,600
3,900
4,200
4,500
CCUS - Cheddar CME US (DH-3)
The significant accumulation of cheese stocks during Jan-Apr 2021, up 3.7% y-o-y, reflected a robust US cheese
market. Amid the COVID-19 pandemic, cheese consumption remained steady in the US due to higher demand
from the retail sector and home delivery channel, which includes cheese-heavy fast-food restaurants such as pizza
and burger restaurants. The May average price of US cheddar stood at USD 4,114/MT, up 9.8% y-o-y and slightly
down 0.3% m-o-m.
Despite volumes of UK cheese exports dropping 8% y-o-y and UK cheese production increasing by 9% y-o-y in
Q1 2021, UK cheese prices rose in anticipation of the foodservice and hospitality sectors reopening. Therefore, the
May average Mintec Benchmark price for UK cheddar rose to GBP 3,021/MT, up 1.6% m-o-m and 5.9% y-o-y.
Cheddar UK - GBP/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
2,700
2,800
2,900
3,000
3,100
DI19 - Cheddar mild exw UK (MBP)