DCA Benchmarks: Cheese commentary week 48

The European cheese market enters the week in a steady and relatively muted state, with overall sentiment largely unchanged and activities remaining calm. Prices show modest adjustments, and the market maintains a stable but cautious tone as the year-end period approaches.Although some benchmarks showed a mild downward movement, the DCA Cheese Index eased only marginally, declining by 0.8%. The sharpest corrections came from the foil cheese categories, with both Gouda and Edam falling by 1.8%, accompanied by very limited price volatility. Mozzarella was the only benchmark to register a positive change, though modest at +0.7%. Yet there are expectations of further pressure on both mozzarella and Gouda in the coming weeks, with some outlier views suggesting Gouda could approach the €2.5 per kilo level around the New Year.Within the Cheddar market, Curd posted the largest decline at 0.9%, while Mild edged lower by 0.2%. This brings Cheddar quotations increasingly close to Gouda values in the market. Emmentaler also softened, decreasing by 1.4% on the week. In the broader market, many buyers appear to be fully covered for December, with volumes also being secured for the first quarter of 2026. Although demand is described as generally good, availability remains limited, with several producers already booked for January. And some closing production for the year, particularly in Ireland.