Cheese
Cheese
Price movements (monthly)
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EU Gouda Cheese
Month-on-month Change
Year-on-year Change
US Cheddar Cheese
Month-on-month Change
Year-on-year Change
- EU Gouda prices decreased in August 2025. The Expana Benchmark Price (EBP) for Gouda EXW Europe [J114] was last assessed at €3,900/mt on August 28, down by €200/mt on the month
- Many buyers continued to adopt a wait-and-see approach due to a subdued trading environment. Meanwhile, some producers saw their inventories build up, reinforcing the bearish sentiment this month.
- Product availability remained strong, while cheese production exceeded current demand.
- The assessment for Cheddar Cheese Block US [CCUS] was $1.77/lb on August 28, up $0.01/lb m-o-m.
- Cheese production continued to expand m-o-m, driven by new processing capabilities coming online, further supported by strong milk flows.
- Steady stock levels supported rising export demand with US product at a price discount to EU and Oceania product.
- Steady to weak domestic provided limited upward price pressure during the month of August.
Cheese
Price drivers
↓ Logistics
The shipping 40ft container composite decreased by 12% M-O-M and 56% Y-O-Y to $2,340 per unit in August. The decline in freight rates is explained by the fact that a significant portion of cargo was shipped in advance in July to avoid the August tariff deadlines, after which volumes fell sharply. The growth in container capacity added additional pressure, which has exacerbated the problem of global overcapacity. As a result, carriers have been unable to maintain prices, and rates on key routes continue to fall.
↑ Feed Costs
Feed grains are a significant component of livestock production costs. As a result, any price decreases in maize (corn) and wheat could push prices of animal protein downward.EU wheat prices fell month-over-month due to strong production outlooks, with concerns over grain quality easing as harvests wrapped up in dry weather. German wheat output rebounded, up 21.9% year-over-year.
EU corn prices also fell in August, influenced by bearish global fundamentals, such as higher-than-expected US yields and record output in the US and Brazil. While Ukrainian corn production forecasts rose, crop stress from dryness across Europe helped limit further losses in futures markets.
↑ Energy Prices
Electricity prices in Europe and the US fell by less than 1% month-over-month. As a result, production costs remained virtually unchanged from the previous month. Given that scrap steel and electricity prices changed insignificantly, the cost of steel production in electric furnaces remained stable in August.
Cheese
Price forecast
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