I'm actually somewhat of a foam expert. After training with plain rattan sticks for a few years I wanted to make something a bit less harmful to the face and neck. The best solution I found for this was cross linked polyethylene foam at about a 2LB density (in case anyone was wondering). It was soft enough to give but dense enough to sound a solid collision.
On topic, I concur, volara or neoprene would fit the bill the best, with Volara being cheaper but not as durable of a material as neoprene. One note on EVA/ethafoam/volara is that it will disintegrate under sharp pressure (elbows?) almost infinitely quicker than neoprene.
You can find a lot of great choices at
www.mcmaster.com for foam sheets custom sized for your table. Also, on a side note you can find those removable cubes on a sheet for any boxes you want to fill and put stuff into too. You can find adhesive backed and fabric backed foam too, if that's what you require. You can even order a sample pack from this vendor.
However, before you order online, do look for a local foam and fabric shop. There's bound to be one around and you can go there to feel out the best material in person without buying anything. They've often times got scraps that might fit your needs for super cheap, and you'd be supporting a local industry which is always good.