Cheese, shaped wheels (4)
I believe the answer is:
edam
'cheese' is the definition.
(Edam is an example)
'shaped wheels' is the wordplay.
'shaped' becomes 'made' (I've seen this in another clue).
'wheels' says the letters should be written backwards (to wheel can mean to turn around).
'made' written backwards gives 'EDAM'.
(Other definitions for edam that I've seen before include "Cheese made badly" , "Madeinto popular cheese" , "Kind of cheese" , "Red-coated cheese" , "milk product" .)