Mozzarella is the best indicator on how cheese prices are moving as it’s the only truly global cheese. Mozzarella pricing dropped rapidly at the start of Q1 and it looked like there was no end in sight to the drop. However, things have been curtailed somewhat over the last few months with the price stabilizing and even rising again slightly at the start of the summer.
Poor milk price returns were cited as being a struggle for farmers in terms of sustaining returns off a low price. That said, at the time of writing this cheese prices seem to be easing off slightly with Mozzarella now trading around €3300/ton. Stock levels are currently high around Europe which is causing the easing of prices as we also enter the peak of the holiday season.