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Dairy
Cheese
22Cheddar EU - EUR/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
4,400
4,600
4,800
J119 - Cheddar mp EU
In the EU, cheese demand continued rising in August, leading to record high prices. Demand from retail stores, the
food manufacturing sector, and export markets remains strong, but reduced milk availability has limited cheese
production. Thus, the August average price of EU cheddar rose EUR 4,670/MT, up 2% m-o-m and up 43.9% y-o
-y.
In August, the New Zealand average price of cheddar rebounded to USD 4,964, up by 2.4% m-o-m and 20.3%
higher y-o-y. The price increase was due an uptick in demand from Asian markets (particularly China) as well as
export growth in the Middle East markets.
Cheddar NZ - UZD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
1X03 - Cheddar auction fas NZ/AU
Cheddar US - USD/lbs
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
1.4
1.6
1.8
2.0
2.2
2.4
2.6
CCUS - Cheddar CME US (DH-0)
The August average price of US cheddar stood at USD 2/lbs, down 9.5% m-o-m, but up 25.7% y-o-y. CME
cheddar spot prices fell as a result of low demand in both retail and foodservice markets, with consumers feeling the
strain of high prices and rising inflation.
The August average Mintec Benchmark Prices for UK cheddar were slightly down 0.1% m-o-m, at GBP 4,810/MT,
but up 58.1% y-o-y. Buying interest remained stable while availability was steady. Buyers had increased
purchases ahead of summer. An uptick in demand is not expected until the end of summer.
Cheddar UK - GBP/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
2,800
3,200
3,600
4,000
4,400
4,800
5,200
DI19 - Cheddar mild exw UK (MBP)