EU wholesale prices

Updated 17 December 2025

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 November, wholesale price movements of dairy products in Europe continued the downtrend apart from whey, which recorded positive movement.

Milk production picked up in the second half of the year following late spring calving caused by bluetongue in the major producing countries like Germany, the Netherlands and Belgium.

Coupled with this good economics, forage quality amid favourable weather also supported the growth.

Butter prices declined for another consecutive month and were down 6.2% month-on-month. Butter supply was up following higher production in the domestic market and an influx of cheaper imports. Higher volumes amid lack of good export demand and lower competitiveness weighed on prices.

SMP prices fell by 3.1% month-on-month in November which was the smallest decline seen. Higher milk deliveries resulted in more production. However, some export demand driven by cheaper prices limited downside movement.

WMP prices witnessed the largest decline of 7.9% month-on-month. Production and exports remained on the lower side due to lack of global competitiveness.

The average cheese price declined by 4.6% in November compared to the previous month. Edam saw a significant decline of 10.7% during the month, followed by Gouda at 5%. Cheddar and Emmental fell by 3.2% and 1% respectively in November.

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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