You need to read up on futures contracts. That's essentially what's going on here, but the bank is providing a secure location for the product to mature, and given the nature of the product, that's a sensible step for all involved.
It has the contango element of a future with an underlying that has higher storage costs than the value inflation rate, but, unlike a future, the asset already changes hand, hence it resembles more a collateralised loan.
Contango is the key element of a futures contract, at least in my opinion. The only real difference between this and, say, a grain future is that the nature of the product allows the farmer to deliver on the immature product than with many futures, and thus the bank has to take less of a risk while giving the same benefits to the farmer of a regular future. There's less fear that something disastrous will happen before the cheese matures because the bank can control that to a great extent, unlike a bad summer, which could ruin a grain harvest, rendering a grain future worthless.
Why do you think its a futures contract? OP reads like it's a loan against collateral to me.
It's a futures contract because they don't yet have a finished product. Even after the wheels have been produced, the cheese hasn't matured yet, and they have no idea what the quality is going to be. That's why it's a futures contract rather than a loan against collateral.