EU wholesale prices

Updated 08 July 2020

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.

Movements on EU wholesale markets in June were positive for most products. Average cheese prices was the exception, with prices recording a decline on the month. However, price movements did vary between varieties.

Butter markets recorded a considerable rise on the month. Churning schedules were active as existing contracts were fulfilled. Strong demand at retail supported demand for packaged butter. Demand for block butter was reported as stronger than the previous month. Contracting for Q3 was reported as ongoing, with limited contracts being agreed due to differences in price expectations between buyers and sellers. Spot market activity was reportedly more active than usual for the time of year. Export interest remained high as EU prices remain a significant discount to Oceania prices.

Skimmed milk power (SMP) prices also recorded a substantial rise on the month. Spot market activity was reportedly strong, with particular interest from the Middle East. Buyers are now contracting for Q3 and Q4. Production is reported as steady.

Whole milk powder (WMP) prices also recorded an increase, although the rise was more muted. Production was reported as higher than usual for the time of year on the back of good demand from both domestic and export markets.

Average cheese prices recorded a decline on the month, however price movements varied by variety. Cheddar prices recorded a very marginal increase (+€2/tonne) on the month. Meanwhile, Edam and Gouda prices declined, falling by €36 (-1%) and €80 (-3%) per tonne respectively. Prices for Emmental recorded the largest price decline on the month, falling by €201/tonne (-4%).