The European Energy Exchange (EEX) has today announced the launch of new indices – the “EEX Weekly European Cheese Indices” (WECI), which will bring further price transparency to the European dairy market.
Published today and based upon price contributions from physical dairy market participants, the indices will cover four of the major European “commodity” cheeses: Cheddar Curd, Mild Cheddar, Young Gouda and Mozzarella.
The launch of the WECI indices is the result of an extensive pilot programme that has been supported by a cross-section of Europe’s leading companies from the dairy supply chain. EEX has developed the index specifications and price reporting methodology to accurately reflect spot/nearbyprices in the underlying physical market.
At the time of launch, the indices will be supported by companies from eight different European countries representing the dairy supply chain, ranging from dairy co-operatives and processors through to traders and food manufacturers. Going forward, the WECI aims to attract further participation with EEX actively encouraging interested parties to participate, thereby increasingtransparency in the European dairy markets. In future, EEX may also consider the possibility to include additional price sources.