The European Union’s dairy commodity market is experiencing mixed price movements, with significant differences in year-on-year performance across butter, milk powders, whey and cheese benchmarks. According to the European Commission’s Milk Market Observatory report dated October 29, 2026, the latest EU average butter price stood at €406 per 100 kg, while skimmed milk powder (SMP) was recorded at €341 per 100 kg.
The latest price update was recorded on October 28, 2026, with the underlying commodity price tables covering the period up to October 25, 2026. The figures provide an overview of market conditions across the European dairy industry and highlight changing price dynamics in different product categories.
The data is particularly relevant for dairy processors, manufacturers, exporters and traders monitoring commodity markets, as movements in dairy ingredient prices influence processing economics, product pricing and international trade competitiveness.
Milk Powders Record Strong Annual Gains Amid Diverging Dairy Commodity Trends
Milk powder markets recorded some of the strongest year-on-year gains among the reported dairy commodities. Whole milk powder (WMP) reached €385 per 100 kg, representing a 54% increase compared with the corresponding period last year. This significant rise highlights the stronger annual performance of the whole milk powder benchmark within the European dairy commodity market.
Whey powder was reported at €158 per 100 kg, marking an 8% year-on-year increase. Whey powder is an important dairy processing ingredient used in food manufacturing, animal nutrition and specialised nutritional applications. Its market performance is influenced by cheese production, whey availability and demand from ingredient manufacturers.
Meanwhile, SMP stood at €341 per 100 kg. Although the report provides its latest benchmark price, the supplied data does not specify its exact year-on-year percentage movement.
The contrasting performance of whole milk powder and whey powder demonstrates that dairy commodity categories are responding differently to market conditions. For dairy processors, these differences are important when evaluating product portfolios, ingredient sourcing and processing priorities.
EU Cheese Benchmarks Experience Year-on-Year Price Declines
The European cheese market presented a different picture, with several major cheese benchmarks recording lower prices than the previous year.
Cheddar was priced at €322 per 100 kg, representing a 27% decline year on year. Emmental reached €553 per 100 kg, down 12%, while Gouda stood at €395 per 100 kg, registering a 16% decrease.
Edam was reported at €388 per 100 kg, although its year-on-year percentage movement was not specified in the supplied data.
The differences between cheese benchmarks highlight the importance of individual product categories within the broader dairy market. Cheese prices are relevant to processors because they influence manufacturing returns, product positioning and commercial decisions across domestic and export markets.
The reported declines in cheddar, Emmental and Gouda also contrast with the substantial annual increase in whole milk powder prices, indicating that commodity movements are not uniform across the dairy processing sector.
European Dairy Commodity Prices: Latest Market Snapshot
The following table summarises the latest prices and year-on-year movements reported by the European Commission’s Milk Market Observatory.
| Dairy commodity | Price (€/100 kg) | Year-on-year change |
|---|---|---|
| Butter | €406 | Not specified |
| Skimmed milk powder | €341 | Not specified |
| Whole milk powder | €385 | +54% |
| Whey powder | €158 | +8% |
| Cheddar | €322 | -27% |
| Emmental | €553 | -12% |
| Gouda | €395 | -16% |
| Edam | €388 | Not specified |
Source: European Commission Milk Market Observatory, report dated October 29, 2026. Latest price update: October 28, 2026.
Country-Level Comparisons Highlight Regional Market Differences
The Milk Market Observatory also presents country-level price comparisons across several European Union member states, including Belgium, Poland, the Czech Republic, Ireland, France, the Netherlands and Italy.
These comparisons provide additional insight into regional dairy market conditions and differences in commodity pricing across European markets.
For dairy businesses operating internationally, country-level benchmarks can support procurement planning, market assessments and evaluations of regional competitiveness. Differences in production structures, processing capacity, product demand and trade relationships can influence how dairy commodities perform across individual markets.
The availability of comparable country-level information is particularly valuable for dairy processors and exporters seeking to understand regional market opportunities.
Implications for Dairy Processors and International Trade
The latest figures underline the importance of monitoring individual commodity categories rather than relying on a single indicator to assess overall dairy market performance.
The strong annual increase in whole milk powder prices may be relevant to processors and exporters involved in milk powder manufacturing, while lower cheese benchmarks could influence commercial planning for cheese manufacturers and traders.
Butter and SMP prices also remain important indicators for the wider dairy ingredients market, particularly when assessing processing economics and the relative value of different milk components.
For international dairy companies, these benchmarks can help inform sourcing strategies, export negotiations, product diversification and inventory management.
Overall, the October 2026 figures reveal a European dairy commodity market characterised by contrasting annual price movements. As processors and traders navigate changing market conditions, continued monitoring of butter, milk powders, whey and cheese prices will remain essential for understanding the industry’s commercial outlook.
