Spot quotes for key products are declining with mozzarella, Gouda and cheddar prices falling since the start of the month. Spot quotes for Gouda are down €150/t to a midpoint of €2,750/t, while Cheddar prices have softened to €3,125/t, down from €3,200/t at the start of the month.

Meanwhile, mozzarella is reported to be spot trading at €2,500/t, losing €100/t in November as the weakness in food service demand hits that category hardest and new capacity is coming online (see below). Spot quotes for both Gouda and Mozzarella have slid since the start of September.    

Butter prices meanwhile have remained steady around €3,350/t, while cream prices have unexpectedly firmed in the past couple of weeks according to Trigona. EEX Dec futures rallied last week above €3,300/t but eased early this week.