I found the list of ingredients on the Panera site - their cheddar sounds like it's processed:
Ingredients: Water, whole milk, broccoli, cheddar cheese (milk, cheese culture, salt, enzymes, water, sodium phosphate, milkfat, cellulose powder, salt, APO-carotenal-color), heavy cream, onion, carrot, chicken base (chicken meat including natural chicken juices, hydrolyzed soy and corn protein, potato flour, natural flavorings, autolyzed yeast extract, carrot powder, turmeric), modified food starch, unbleached enriched flour (wheat flour, vitamin C (ascorbic acid added as dough conditioner), enzyme added to improve baking, niacin, reduced iron, thiamine mononitrate, riboflavin, folic acid), butter (sweet cream, annatto), canola oil, salt, dijon mustard (water, black mustard seed, vinegar, salt, spices, citric acid, potassium bisulfite), spices, Tabasco (vinegar, red pepper, salt).
http://www.panera.com/menu/cafe/soups.php