EU wholesale prices

Updated 18 July 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 June, dairy product wholesale price changes in Europe were mixed. Butter led the pack, increasing significantly on last month. Powders saw some support from increased interest in the European market, whilst cheese prices took a fall. Following the European Parliament election, many are waiting in anticipation to see what the shift to the right could mean in terms of EU agricultural and environmental policy.

European butter prices were the highest they have been since November 2022, at €6370 /tonne. This is a 6.4% increase on the previous month’s price. Commentary from industry sources suggests that butter inventories are tight, with strong demand both across both block butter buyers and retail. Reports suggest that shoppers have continued to buy heavy volumes of butter, despite increasing retail prices over the last few months.

SMP prices in Europe lifted slightly in June, up 0.7% on the previous month. Stocks are low; however, manufacturers are filling contracts comfortably and report that production is in balance with demand. Reports of increased enquiries may be contributing to the lift in price; however these are from within the European market, rather than for export.

WMP prices also moved upwards, increasing by 3.1% on the previous month’s average. This was driven by an increase in demand from within the EU market, against a backdrop of stable production. Prices remain too high for European WMP to be competitive on the global market.

The average cheese price in June moved marginally lower, down by 0.3% on the month. Prices for Cheddar, Edam and Gouda all moved downwards in the range of 0.7-1.3%. On the contrary, Emmental price increased by 1.3% compared to the previous 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.

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.