2022 December Board Book

International

Cheese exports stayed strong in August, with 84.6 million pounds leaving US shores, up 2.9% on the month and +5.9% versus 2021. That brought the year-to-date total to 673.3 million pounds, up 13.4% versus the same period last year. Mexico remained the biggest customer, buying 26.0 million pounds, up 23.2% on the year. Meanwhile, August cheese imports climbed to 39.4 million pounds, up 6.5% year-over-year. Global cheese continues to price above US product. GDT cheddar prices dropped 3.5% to $4,966 per metric ton, or $2.25 per pound. In Europe, German Edam prices held steady in Euro terms at €5,350 per pound but rose 1.7% in US dollars to $2.41 per pound.

Domestic cheese demand remains relatively healthy, with data showing August usage up 1.8% on the year and year-to-date consumption at +1.0% versus the same period in 2021.

For NDM, US exports had a weak showing in August. Outbound NDM volume dropped to 142.7 million pounds, down less than 0.1% on the month and -17.0% on the year. Year to-date NDM exports totaled 1.225 billion pounds, 9.5% below prior-year levels. While sales to Mexico reached 70.6 million pounds in August, the highest volume of the year, sales still declined 1.4% versus 2021.

Source: Blimling (October 7, 2022)