The European cheese market has turned weaker over the past two weeks, driven by additional offers for cheese and increasingly hesitant buyers. Neither buyers nor sellers have much pressure to act at the moment, but we foresee that this will slowly become more difficult to keep up for sellers as the milk intake is growing every week.

Many believe that the road down will not be as steep as we have seen in late 2022 / early 2023, and that steps of €50/mt per week are big enough already. In general, most EU cheese prices have valorised better than other commodities for months now, which creates the feeling that prices should be slightly lower anyway.

According to Vesper’s latest Highlights:

weaker european cheese market

Interestingly, the gap between the European market and the US or NZ market remains massive. While it is a blessing for the US and NZ markets, the European market simply cannot remain tight if the export opportunities are limited. Decreasing price spreads between regions is an interesting dynamic for the global dairy markets. But in the case of cheeses, there is always the question whether cheese markets are global to begin with.

Latest EU Cheese Prices based on the Vesper Price Index (24/01/2024):

  • Cheddar Curd: €4080 | $4429/mt ($2.01/lb) EXW (Decreased with 0.49)
  • Emmental: €4500 | $4885/mt ($2.22/lb) EXW (Unchanged)
  • Gouda: €3950 | $4288/mt ($1.95/lb) EXW (Decreased with 1.99%)
  • Mozzarella: €3650 | $3962/mt ($1.8/lb) EXW (Decreased with 0.95%)

Download our latest Vesper Price Index for free to view the latest cheese prices for all regions.