DCA Benchmarks: Cheese commentary week 49

The cheese market was quiet this week, with lower volumes negotiated. With year-end approaching, trading activity is winding down, and attention is increasingly shifting to Q1 2026, with larger buyers already having secured volumes for the first quarter as well.Edam and Gouda both closed at €2,905 per ton, each down 2.84% week-on-week. Frau Antje recorded a slightly sharper decline than Gouda, closing at €2,995 per ton (-2.92%). Mozzarella saw the largest week-on-week drop, falling 4.68% to €2,850 per ton. And Emmentaler showed the widest dispersion this week, with the highest standard deviation (4.7%) and closed at €3,875 per ton. Reported prices ranged from €3,800 to €4,250 per ton. Participants noted that availability was initially limited, but additional volumes were released later in the week, adding to supply.The cheddar market was comparatively stable, with Curd* down 0.78% week-on-week and Mild down 1.52%.Looking ahead, participants anticipate a cautious market tone, with buyers continuing to test for lower price levels. However, prompt volumes were still traded with a premium, while sentiment for January is more uncertain and many buyers appear comfortable delaying commitments and shifting coverage into 2026.Footnote:* Cheddar Curd and Naturally Ripened Cheese have just missed the required number of price inputs. The price reporters, in consultation with the Head of PRA, have decided to approve these calculated benchmark prices, as they assess the current contributions to be qualitatively sound.