EU wholesale prices

Updated 07 April 2021

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.

As of 1 February 2020 the MMO has 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.

Dairy product prices saw gains in March on EU markets. The key driver appears to be limited availability of raw milk for manufacture as France, Germany and the Netherlands deliveries remain below year earlier levels. These three countries typically account for around half of total EU deliveries[1], so this will have a big impact on expectations around product availability.

Butter prices rose through most of March, with the large increases occurring in the early part of the month. Retail demand continues to support pricing, with the early Easter holidays adding extra demand. Tight supplies, due to the limited fat availability, will have also supported the market.

Milk powder prices increased on average in March, although the price rises occurred mostly in the early part of the month. Challenges with exports are perhaps suppressing price increases, although this is partly offset by the slower than expected increase in seasonal milk production. Limited production growth, combined with good global demand, particularly from Asia, is keeping powder markets firm.

The strong global demand also pulled up whey powder prices. These followed a similar pattern to milk powders through March, with a strong rise early in the month, followed by relative stability in the latter part.

Cheese prices on average were steady in March, although price trends varied by type. Cheddar and Emmental saw minimal movement through the month, rising by 0.2% and 0.1% respectively. Gouda prices dropped by just under 1% while Edam prices rose marginally (+0.6%).

[1] excluding the UK