EU wholesale prices

Updated 23 January 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 December, EU dairy wholesale prices increased for all categories with the exception of butter, month-on-month. Whey and cheese prices saw the largest increases, while powders also experienced an uplift. Butter has seen some easing in price since November , though prices remain at very high levels. Milk volumes have passed seasonal lows, and production has been varied throughout Europe.

EU butter prices decreased by 0.5% month on month in December to average €7,695 per tonne. This was the second consecutive month to see a small decrease in price, following nine months of price increases. Uncertainty around price movements has continued to cause hesitation in trading large volumes. Butter production remains limited, and cream prices elevated. Strong retail demand continued for butter across the festive period.

SMP prices increased by 0.2% compared to the previous month though industry sources report quieter demand during the end of the month. Inventories and production levels have been variable across different countries.

WMP prices increased by 1.9% on the previous month. However, industry commentary now suggests that this demand has subsided, particularly from confectionary manufacturing. WMP production has remained light.

The average cheese price increased by 2.6% month on month. Cheddar and Gouda saw significant increases of 4.8% and 4.1% respectively, while Edam and Emmental saw smaller increases.

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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