It's a necro thread, but since you bring it up again:
Velveeta cheese ingredients: WHEY, MILK, MILK PROTEIN CONCENTRATE, MODIFIED FOOD STARCH, CANOLA OIL, SODIUM CITRATE, CONTAINS LESS THAN 2% OF GELATIN, SALT, CALCIUM PHOSPHATE, SODIUM PHOSPHATE, LACTIC ACID, SORBIC ACID AS A PRESERVATIVE, MILKFAT, CHEESE CULTURE, PAPRIKA EXTRACT AND ANNATTO (COLOR), ENZYMES, NATURAL FLAVOR, VITAMIN A PALMITATE.
Like all other oils high in polyunsaturates, that canola oil is not going to hold up long-term. It will last a little longer vacuum sealed than jsut as is, but not much.
For those who want a Velveeta/American cheese-style cheese in a can, the closest you can come, and it's pretty close, is the Jamaican Tastee processed cheese in a can, which comes in multiple sizes. It's more expensive than Velveeta because it's all real cheese, but it will keep as long on the shelf as Bega. You will likely get rip off prices on Amazon for it. Look for an online Caribbean grocery, and opt for the more economical larger 2.2 lb (1 kilo) can if you eat a lot of Velveeta/American cheese. That should run you something around/under $10/lb.
Jamaican Tastee cheese Ingredients:
Cheddar Cheese (Milk, Salt, Bacterial Culture, Enzyme), Water, Butter, Sodium Phosphates, Salt, Citric Acid, Nisin (Preservative), Annatto (Coloring).
(Nisin is a natural food preservative, an antibacterial peptide produced by Lactococcus lactis, used to inhibit listeria etc. Annatto is used, as it is in many other foods, to give it that American cheese/Velveeta orange color.)