Cheese prices have, like butter, also eased back following the trend of butter. Cheese had been relatively stable over the summer but there has been significant downwards pressure since then. Mozzarella is now trading around the €3300/ton mark and Mild Cheddar is around a similar level.

Again there are signs that significant stock levels are at play here which has worked to the advantage of buyers. Many long term contracts were also higher priced than the level we’re at today which has further strengthened buyers’ hands. There are expectations of more reductions in 2019 but again we have to be cautious as we were making the exact same predictions this time last year! If common logic is applied prices should ease but nothing is predictable anymore as we are all too aware of.