EU wholesale prices

Updated 16 September 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 August, wholesale price movements of EU dairy products witnessed firm tone.

Milk deliveries continued the upward trajectory despite challenging market conditions amid extreme temperatures and increasing input cost.

Butter prices were up 1.8% month-on-month but remain significantly below 2025 levels, at 43.6% lower than August 2025. Trading remained quite during the summer holidays. Higher stocks overhung in the market and limited upside movement.

SMP prices increased by 6.0% month-on-month in August. Similarly to whey, prices remain well ahead of year-ago levels. EU SMP is competitively priced compared to US, thereby stimulating export demand.

WMP prices increased by 7.4% month-on-month in contrast to decline of 15.6% year-on-year.

The average cheese price increased marginally by 0.7% overall. Within the cheese category, cheddar witnessed a modest gain of 0.4% month-on-month. Emmental (1.0%), Edam (0.8%) and Gouda (0.7%) also noticed gains. 

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, Aug 2023 to Aug 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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