EU wholesale prices

Updated 17 April 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 March, wholesale prices of dairy products in Europe were a mixed bag with butter and average cheese prices on the increase whilst powders and whey markets remained subdued. Milk deliveries on the continent have been seasonally picking up but remain down year on year. According to the latest deliveries data, milk deliveries in the EU totalled 11,375 million litres in January this year, a decline of 0.7% year-on-year basis.

Butter prices were up 2.4% month-on-month and recorded a significant increase of 18.5% year-on-year. According to industry sources, strong demand for packaged and bulk butter ahead of the spring holiday season added to the firm tone of the market. The European asparagus season has also begun with demand usually supported during this period. Butter inventories are reported to be adequate to meet demand.

SMP prices however, declined 2.4% month-on-month in March. The same trend is seen year-on-year with a decline of 4.1%. Market tone seems to be unsettled amid comfortable inventories and sluggish demand in the domestic market. Lack of demand from international markets is not supporting market sentiment either.

WMP prices moved lower by 1.2% on the month but year-on-year prices have increased 3.6%. Production is reported to be in line with contractual agreements. Export demand has been limited as euro exchange rate has strengthened during the month. Although there is comfortable supply of milk, neither buyers nor sellers are eager for any sale deed.

Cheese prices have been edging up over the last few months. The average cheese price moved up 1.5% in March, the fourth consecutive monthly increase. However, year-on-year the price was down 9.6%. Emmental was the only product to see a price decline this month (albeit marginal at 0.9%). Price increases in Edam (1.3%), Gouda (1.3%) and Cheddar (6.0%) resulted in the overall average price increase.

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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