EU wholesale prices

Updated 26 August 2026

An overview of how the dairy markets are moving in the EU. Price series comparing average EU wholesale prices of butter, skimmed milk powder (SMP), whole milk powder (WMP) and cheese. They are updated on a monthly basis.

In July, wholesale price movements of EU dairy products were minimal.

Milk deliveries continued to grow year-on-year in June despite lower prices and challenging market environment amid increasing input costs and risk of diseases.

Butter prices were up 0.9% month-on-month but remain significantly below 2025 levels, at 45.7% lower than July 2025. Export demand remained strong but stocks have been building. 

SMP prices increased by 0.4% month-on-month in July. Similarly to whey, prices remain well ahead of year-ago levels, supported by growing consumer demand for protein. EU SMP was priced competitively on the global market.

WMP prices increased by 1.7% month-on-month, counteracting some of the decline seen in the previous month.

The average cheese price decreased marginally by 0.6% overall. Within the cheese category, Cheddar saw a significant increase of 5.6% month-on-month, as supplies may be beginning to tighten. Meanwhile, Emmental (-0.9%), Gouda (-3.2%) and Edam (-2.6%) decreased.

Table 1. EU (ex UK) wholesale prices

Source: Milk Market Observatory

*Simple average Emmental, Gouda, Edam and Cheddar prices

Figure 1. EU (excluding UK) wholesale prices, May 2023 to May 2026

Source: Milk Market Observatory

Figure 1 shows EU (excluding UK) wholesale dairy prices, May 2023 to May 2026. Butter rose strongly during 2024 before falling in 2025 and early 2026. SMP remained the lowest-priced product, while WMP, cheese and whey showed more gradual movements. By May 2026, butter, cheese and WMP prices had converged at similar levels.

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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