Italian cheese producers are contending with higher expenses this summer as repeated heat waves drive up the cost of storing wheels of Parmigiano Reggiano. In Emilia-Romagna, climate-controlled warehouses now hold roughly $405 million worth of the cheese, which doubles as collateral for bank loans.
On Friday, a manager at one cooperative warehouse outside Parma described the impact. Energy bills for cooling systems have surged, with some facilities running refrigeration around the clock to maintain the required 60-degree Fahrenheit environment. Warehouse operators say they have no choice but to absorb the extra costs if they want to preserve both the cheese and its loan value.
The use of Parmesan as loan collateral is unique to the region. Banks accept the aging wheels, which can take up to two years to mature, as security for loans to dairy producers. A single 80-pound wheel can fetch over $1,000, making proper storage critical for both cheesemakers and lenders.
This season's heat has also increased the risk of spoilage, with some producers reporting greater vigilance in monitoring humidity and temperature controls. No disruptions to U.S. imports have been reported so far, according to a Midtown cheese importer contacted Saturday morning. But some expect higher wholesale prices if the costs persist through the fall.
The situation highlights the vulnerability of traditional food systems to extreme weather, something local restaurateurs sourcing Italian products are watching closely as the summer continues.