EU wholesale prices

Updated 15 October 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.

In September, wholesale prices of EU dairy products mostly continued to firm.

Milk production continued to grow in the latest delivery data for July.

Butter prices regained 3.6% month-on-month but remain significantly below 2025 levels, at 34.2% lower than September 2025. The strong export market supported the price.

SMP prices increased by 7.0% month-on-month in September. Similarly to whey, prices remain well ahead of year-ago levels. EU SMP has seen robust demand, thereby increasing its value.

WMP prices increased by 6.9% month-on-month in contrast to decline of 6.1% year-on-year.

The average cheese price decreased marginally month-on-month by 0.2%. Within the cheese category, Gouda and Edam witnessed modest gains of 1.7% and 0.8%, respectively. Meanwhile, Cheddar (-3.2%) and Emmental (-0.3%) declined.

Table 1. EU (ex UK) wholesale prices

Source: Milk Market Observatory

*Simple average Emmental, Gouda, Edam and Cheddar prices

Figure 1. EU (excluding UK) wholesale prices, Aug 2023 to Aug 2026

Source: Milk Market Observatory

Figure 1 shows EU (excluding UK) wholesale dairy prices, September 2023 to September 2026. Butter rose strongly during 2024 before falling in 2025 and early 2026. SMP remained the lowest-priced product, while WMP, cheese and whey showed more gradual movements. In September 2026, butter, cheese and WMP prices mostly increased, month-on-month.

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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