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EU wholesale prices
Updated 19 March 2026
An overview of how the dairy markets are moving in the EU. Price series comparing average EU wholesale prices of butter, skimmed milk powder (SMP), whole milk powder (WMP) and cheese. They are updated on a monthly basis.
Monthly overview
In February, wholesale price movements of dairy products in Europe saw some uplifts. Milk production in the major producing countries have seen a substantial increase in volumes. Disease recovery, low input prices, good forage quality and elevated milk prices for most of the 2025 boosted volumes.
Butter prices saw a decline of 1.6% month-on-month. Butter supplies continued to increase due to growth in production and imports, weighing on prices.
SMP prices increased considerably by 10.2% month-on-month in February. Lower global stocks and firm demand held up prices.
WMP prices increased by 2.6% month-on-month. Exports remained on the lower side due to lack of global competitiveness, but production in the EU declined in Q3 of 2025, year-on-year.
The average cheese price declined by 3.7% in February compared to the previous month. Cheddar saw a significant decline of 8.8% during the month, followed by Gouda, Edam and Emmental, declining by 5.4%, 1.8% and 0.3%, respectively.
Table 1. EU (ex UK) wholesale prices
| Price (€/tonne) | Feb-26 | Jan-26 | Monthly change | Feb-25 | Annual change |
|---|---|---|---|---|---|
| Butter | 4,176 | 4,243 | -1.6% | 7,214 | -42.1% |
| SMP | 2,314 | 2,100 | 10.2% | 2,545 | -9.1% |
| WMP | 3,159 | 3,079 | 2.6% | 4,348 | -27.4% |
| Whey | 1,125 | 1,075 | 4.7% | 1,022 | 10.1% |
| Average cheese* | 4,149 | 4,307 | -3.7% | 5,249 | -21.0% |
Source: Milk Market Observatory
*Simple average Emmental, Gouda, Edam and Cheddar prices
Figure 1. EU (ex UK) wholesale prices
Source: Milk Market Observatory
The graph shows average dairy wholesale prices, from February 2023 to February 2026.
The vertical axis shows price (€/tonne). Five lines are shown:
- Butter (light blue, second line from the top)
- SMP (orange, bottom line)
- WMP (grey, middle line)
- Average cheese (green, top line)
- Whey (dark blue, second line from the bottom)
Additional information
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.
As of 1 February 2020 the MMO changed its data reporting to EU (excluding UK), including historic data back to January 2016. For historic EU-28 prices up to Dec 2019, please download the spreadsheet using the link below.
Download dataset
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While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.
All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk © Agriculture and Horticulture Development Board. All rights reserved.