EU wholesale prices

Updated 19 March 2025

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.

In February, EU dairy wholesale prices saw mixed movements across categories, month-on-month. Whey and cheese prices increased, while butter has seen a decrease in price and powders saw minimal change. Milk production volumes have seen seasonal growth as the spring flush approaches.

EU butter prices decreased by 2.6% month on month in February to average €7,214 per tonne. The price of butter has been easing since November, following nine months of price increases. Industry sources report lower cream prices as milk production increases seasonally, though butter demand is said to be strengthening.

SMP prices decreased by 0.5% compared to the previous month. Industry sources report steady demand. SMP manufacturing has increased as milk production increases seasonally. Demand has been mixed but the weak euro has led to an increase in export interest as European prices remain competitive.

WMP prices saw minimal change month-on-month, up by only 0.1%. Industry commentary describes signs of demand returning. WMP production has mostly remained light despite seasonal increases in milk production.

The average cheese price increased by 1% month on month. Emmental saw the most significant increase of 2.5% and Cheddar and Edam increased by 1.9% and 0.1%, respectively. Meanwhile, Gouda decreased by 1%.

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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