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EU wholesale prices
Updated 14 February 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.
Monthly overview
January brought a mixed picture for dairy wholesale prices in the EU. SMP prices saw significant (-3.3%) decline on the month, whilst butter and WMP dropped marginally. On the contrary, average cheese and whey prices saw slight increases.
European milk production is climbing steadily, as seasonally expected, however is back compared to last year. Germany and France recorded 1.4% and 1.8% year on year declines, respectively, in the first week of 2024. Market commentators are looking forward, predicting that more milk will move towards cheese production, reducing supplies available for use in butter and powders.
Farmers across Europe have taken to the streets to protest in January, challenging their governments on issues such as farmgate prices, environmental regulation, and trade agreements. This action, and any effects, will be important watchpoints to monitor alongside dairy prices as the year progresses.
European butter prices were slightly (0.3%) down in January, compared to the previous month, however, were up 3% year on year. It was a month of two halves, with healthy demand in early January that slowed as the month progressed. Reports suggest that butter buyers have secured product for Q1 and are now beginning to cautiously scope supplies for the remainder of the year, however firm commitments are yet to materialise.
SMP prices in Europe saw the biggest change this month, down 3.3% compared to December. The market appears quiet as suppliers filled their short-term needs at the end of 2023, limiting demand in January. Export opportunities have been limited by the increased costs associated with challenges in the Suez Canal, further contributing to reduced demand for SMP.
WMP prices in January were down 0.8% on the previous month and 3.5% year on year. Reports suggest that processors are using milk supplies for cheese over powders, as it is more lucrative. Inventories are low, however market demand outside of contracted volumes is very quiet.
The average cheese price was only slightly (0.1%) up on the month. There were small price movements across the different cheeses as cheddar dropped slightly, whilst others (Edam, Gouda and Emmental) lifted.
Additional information
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.
As of 1 February 2020 the MMO changed its data reporting to EU (excluding UK), including historic data back to January 2016. For historic EU-28 prices up to Dec 2019, please download the spreadsheet using the link below.
Download dataset
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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.