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EU wholesale prices
Updated 15 November 2023
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.
Monthly overview
All products saw prices increases in October, which may signal the beginning of a much-needed period of recovery. Milk production is declining, as we expect at this time of year, which slows milk supplies into processors. Alongside this we see increased demand for butter and tightening inventory of powders, which has supported prices across the board.
Butter prices in Europe are firming up as consumer demand increases, with prices up 7% on last month, although still significantly down on last year. Reports suggest production is focussed on packaged butter, to meet high demand. Inventories of both packaged and bulk butter are getting tighter, which should increase pressure on prices over the coming weeks.
SMP prices are also climbing steadily, and manufacturers report greater interest from buyers to fill both short and longer term commitments. Production has slowed as the milk season tails off and milk supplies reduce, although inventories remain adequate to respond to the increasing demand. Reports suggest that processors may look for firmer SMP prices to cover a potential increase in cost of production over the winter months.
WMP prices saw slight increases in October as inventories continue to diminish, albeit steadily. Contracted volumes within the European market are maintaining a steady demand, however prices sit much higher than other global players meaning international sales are limited.
Average cheese prices lifted slightly from last month driven mostly by edam which was up 1.9% compared to last month. Emmental saw a slight increase, up 0.2%, whilst cheddar remained flat and gouda took a slight decrease of 0.2%.


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.