Cheddar prices are the one area of dairy commodities that haven’t seen a 2021 bounce in prices.
Skim milk power (SMP), butter and whole milk powder (WMP) have all seen a very significant lift in prices since the beginning of the year.
This time last year, SMP was heading for €2,000/t - current prices are sitting close to €2,500/t.
Butter prices at €4,000/t are almost €1,000/t ahead of 2020 levels.
WMP this time last year was making €2,700/t, with 2021 prices heading for €3,200/t.
In contrast, cheddar prices as reported are trading closer to €3,000/t – very similar to 2020 levels.
While cheese prices are traditionally more stable and higher than some of the other dairy commodities, some were expecting a bounce in cheese prices, but it hasn’t come yet.