EU wholesale prices

Updated 17 October 2024

An overview of how the dairy markets are moving in the EU. Price series comparing average EU wholesale prices of butter, SMP, WMP and cheese. They are updated on a monthly basis.

In September, EU dairy wholesale prices increased across all categories, with butter prices experiencing the most significant growth. Milk volumes have shown a seasonal decline. Supply has been negatively affected by drought in eastern Europe and outbreaks of Bluetongue virus in some locations, contributing to a rise in farm gate prices. Fat and protein levels have been lower than usual and butter prices reached new heights.

EU butter prices increased by 9.1% month on month, averaging €7,617 per tonne. This marks the eighth consecutive month of price increases and the highest price seen, exceeding the peaks seen in Spring/summer 2022. Industry sources continued to report low butter stocks and high cream prices, which incentivised trade into other processing lines, therefore limiting product available for butter. Demand remained strong in September, particularly in retail channels. Recent commentary indicates that prices have peaked but with the festive period emerging, butter customers are keen to improve their inventory levels.

SMP prices increased by 4.7% on the previous month. Inventories have been mostly sufficient to meet steady demand, but additional production has been discouraged due to tight milk supplies.

WMP prices moved up by 8.2% on the previous month. Tight milk supplies have reduced incentives for production and inventories remained low. Stable demand has further supported prices. This contrasts with the global market price, making EU WMP less competitive.

The average cheese price increased by 1.7% month on month. Edam and Gouda saw the most growth at 2.8% and 2.5% respectively, while Cheddar and Emmental both experienced smaller gains. Manufacturers report tight supplies.

Please note that prices can vary markedly within each market sector: the prices above are intended to give a guide to trends in price changes, but the absolute values experienced in the market place may differ from those shown.

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