EU wholesale prices

Updated 19 September 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 August, EU dairy wholesale prices increased across all categories, with butter prices experiencing the greatest growth. While EU milk supplies have generally been strong in the first half of the year, seasonal milk decline and robust demand has helped support prices even further recently. Concerns over future supplies and the threat of Bluetongue spreading further East are rising. However, forecasts of a favourable milk price relative to feed in the EU may incentivise greater production into Q4.

EU butter prices increased 6.4% in August, averaging €6,979/tonne. This marks the seventh consecutive month of price increases and the highest price seen since October 2022. It has not quite hit the peaks seen in Spring/summer 2022 as of yet. Industry sources report very low butter stocks, due to limited availability of cream. Additionally, demand for both block and retail butter has been strong.

SMP prices increased by 2.7% on the previous month, with reports of dwindling stocks. Uncertainty around milk production in the coming months has prompted more buyer enquiries as many return from summer holidays.

WMP prices moved up by 3.8% on the previous month, driven by tight milk and cream supplies, which increased production costs. This contrasts with the global market price, making EU WMP less competitive. Demand is reported to be stable.

The average cheese price increased by 1.4% month on month. Emmental and Edam saw the most growth at 2.7% and 1.7% respectively, while Cheddar and Gouda both continued to rise steadily. Manufacturers report tight supplies.

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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