EU wholesale prices

Updated 13 August 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 July, EU dairy wholesale prices saw mixed movement across categories. Butter recorded another month of strong growth, meanwhile SMP fell back to its lowest price point since Autumn. Inventories for dairy products are generally reported as tight, with demand being the driving force of price changes. Demand for fats is said to be strong but weaker for proteins. Despite EU milk volumes recording 1% growth year on year, there are question about how much milk will be available for processing when demand picks up following the summer holiday period.

EU butter prices increased 2.9% in July to average €6,557/tonne. This is the sixth consecutive month to record a price rise for the category and the highest price seen since October 2022. Commentary from industry suggests the higher cost and lower availability of cream is limiting manufacturers' ability to significantly build stocks. Demand for both block and retail butter is reported to have been stronger than anticipated given the time of year.

SMP prices fell 2.6% on the previous month. Production is reported as steady and stocks sufficient to meet current demand. Market demand has been quiet as a result of holiday and differences in price expectations between buyers and sellers.

WMP prices were relatively stable in July, moving up by just 0.3% on the previous month. Industry sources suggest tight supplies and steady demand are keeping prices supported. Stocks are said to be covering current contracts, but with some end users are seeking additional loads, spot availability is limited.

The average cheese price saw a small decline month on month, down 0.5%. The change in the overall average was driven by a sharp drop in Emmental pricing which declined 3.4% in July. Prices for Edam and Gouda moved up by 1.0% and 1.4% respectively, meanwhile Cheddar prices saw more marginal movement, up just 0.2% compared to June.

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.

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.