EU wholesale prices
Updated 13 November 2019
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.
EU wholesale market movements were generally positive during October, with price rises on all recorded commodities except butter. The largest increases were seen in the SMP and whey price, with only a very marginal increase in cheese on average. Milk production in Western Europe is declining seasonally though data from Eurostat for August shows a marginal increase over last year.
The EU butter price fell marginally in October after a small increase in September. Buyers are reported to be fully stocked for current needs and waiting for prices to weaken. Higher production over the past 12 months has allowed stocks to be added to, reducing pressure on supplies.
SMP prices have increased on the back of good demand. Near term demand is still strong and available stocks are low. Production has been constrained by milk availability, though current pricing is generating sufficient profits to encourage further manufacturer for those who have access to milk supplies.
Prices for WMP were mixed during October with the overall average up on the previous month. Demand was quiet but steady in the month, with manufacturing focussing on internal European demand. Buyers purchased as needed and reports suggest markets are well balanced.
Internal and external demand for cheese remains good. Aging stocks are reported to be lower than ideal to service contract commitments, with reports of purchase enquiries being turned down. Cheese manufacturers in Western Europe are reported to be making as much cheese as they can with available milk. The combination of short supply and high demand is helping to keep prices firm.
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.