EU wholesale prices

Updated 17 June 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 May, wholesale price movements of Butter, WMP and average cheese declined while SMP saw further uplift.

Milk deliveries continued to grow into the new season in April. Lower prices and the war in the Middle East will increase production costs and squeeze margins.

Butter prices were down 5% month-on-month and has now recorded a significant decline of 45.7% year-on-year. Industrial stocks of butter are estimated to be high which is weighing on prices. The strengthening of the Euro and war in the Middle East is limiting exports.

SMP prices increased by 6.2% month-on-month in May. Tight stocks globally and growing consumer demand for protein as well as rising export volumes due to very competitive pricing added to the positive tone of the market.

WMP prices declined by 1% month-on-month and 23.4% year-on-year.

The average cheese price decreased marginally by 0.8%. The decline was seen across all Cheddar (-0.01%), Edam (-0.3%), Emmental (-1.5%) and Gouda (-1.2%) categories.

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 butter prices rising sharply through 2024, peaking in mid‑2024, then falling in late 2025. SMP remains the lowest and fairly stable. WMP and whey trend upward gradually. Average cheese prices are relatively steady, with a slight rise in 2025 followed by a dip.

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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