Dairy
Cheese
Cheese
Price movements (monthly)
J114 – Cheese Gouda exw EU (EBP)
Month-on-month Change
Year-on-year Change
EU gouda prices decreased in April 2025. The Expana Benchmark Price (EBP) for Gouda EXW Europe [Expana Code: J114] was last assessed at €4,300/mt on April 24, down €50/mt on the month. EU yellow cheese prices steadily decreased during April. Buyers adopted a wait-and-see approach as they anticipated price decreases ahead of spring flush, which is peak milk collection period. Therefore, lower buying interest led to price decreases in April.
Product availability was reported as stable and cheese production, particularly mozzarella, continued to be more profitable than other dairy commodities.
Cheese
Other price drivers
↓ Logistics
The shipping 40ft container composite index fell by 5.55% m-o-m to $2,205.67 per unit in April. Container demand weakened under the weight of escalating US tariffs and slowing global trade. Chinese exports declined sharply, and tariff relief on select goods offered little support. Carriers responded by cutting capacity, but persistent overcapacity and low profitability continued to pressure rates.
↓ Energy Prices
The Brent crude oil price decreased by 6.52% m-o-m in April to $66.81/barrel, representing a 24.93% y-o-y fall. The drop followed sweeping US tariffs that stoked fears of a global recession, leading many to reduce their forecasts for oil production through 2025. Meanwhile, OPEC+ ramped up production, reversing prior output cuts despite fragile demand, further weakening prices. The oversupplied market reacted with volatility, and analysts responded swiftly—JPMorgan lowered its Brent forecast for 2025 to $66.
↓ Feed Costs
Feed grains are a significant component of livestock production costs. As a result, any price increase in maize (corn) and wheat could push prices of animal protein upwards. EU wheat prices fell in April 2025 as rising production expectations signaled strong future supply. At the same time, a strengthening euro made European wheat less competitive globally, reducing export demand. Sluggish shipment volumes and ample availability combined to push prices lower across the bloc’s key grain markets.
↓ Currency Exchange Rates
In April 2025, the USD fell against the EUR, decreasing by 5.19% m-o-m and 6.17% y-o-y. The US dollar fell sharply against the euro due to aggressive US tariffs, rising fiscal deficits, and investor fears over economic stability. Capital fled to safer assets like the euro following trade tensions and uncertainty, leading to the dollar's steepest monthly drop against the euro in years.
Cheese
Market sentiment for the month ahead
Trusted by industry leaders
About Expana
Expana is the world's largest IOSCO-certified commodity price reporting database.
With 30,000+ accurate and timely commodity prices and 1,000+ price forecasts across – agrifood and industrial markets, you can improve price visibility across your whole supply chain to cut costs, reduce COGS and mitigate risks. Products by Expana: Mintec Analytics, Urner Barry, Feed Info, Stratégie Grains.
Disclaimer
Any forward-looking statements are the views and expectations of the individual market participants. Expana does not have a forward-looking view within this report or associated content. To the extent legally permissible, Expana shall not be liable and disclaims and excludes any and all liability (whether direct or indirect), nor shall Expana be liable in contract, tort (including negligence), misrepresentation (whether innocent or negligent), restitution or otherwise. No information (whether written, electronic or oral) made available herein constitutes or is to be taken as constituting or the giving of investment or financial advice by Expana, or any of its affiliates or their employees to any person, organisation or entity. Any use or reliance on the information and any suggestions, insights or guidance made against such content is entirely at your own risk.
For details on the methodology used to assess the Expana Benchmark Prices, visit this link.