“They think it’s all over. It is now.” So goes the saying made famous by BBC commentator Kenneth Wolstenholme in the dying seconds of the 1966 World Cup final after Geoff Hurst scored a goal at the death to seal a 4-2 win for England against West Germany.
Next week, the 2018 World Cup kicks off at the Luzhniki Stadium in Moscow when two of the world’s heavyweight dairy importers, Russia and Saudi Arabia, go head to head in the opening match of group A.
While it only comes around once every four years, the World Cup is hugely supportive for global dairy markets, as demand spikes for certain products, particularly cheese.
In the lead-up to this World Cup, dairy buyers have been building stocks for the anticipated spike in consumption during the month-long tournament.
Spot prices for mozzarella, a favourite of pizza makers, have surged to highs of €3,400/t this week, having started the year priced €1,000/t less.
Spot prices for cheddar and gouda are also firm on the back of strong demand at €3,300/t and €3,050/t respectively.
Skimmed milk powder (SMP) also continues to make gains with spot prices rising to €1,590/t this week.
Channelling their inner Kenneth Wolstenholme, some buyers will be hoping it’s all over for the 2018 butter boom and that prices have peaked due to the ongoing recovery in SMP markets.
However, spot prices for butter have held firm this week, ranging from €6,000/t to €6,120/t. Maybe it’s not over just yet.