European dairy commodity prices are following divergent trends, with butter recording a substantial year-on-year increase while skimmed milk powder and several cheese varieties remain considerably lower than their levels a year earlier. According to the European Commission’s Milk Market Observatory report dated 21 October 2026, the latest weekly benchmarks, covering prices up to 18 October, highlight contrasting conditions across the European Union’s dairy market.
The EU average butter price stood at €401 per 100 kilograms, while skimmed milk powder (SMP) was priced at €337 per 100 kilograms. Whole milk powder (WMP) reached €387 per 100 kilograms, and whey powder stood at €156 per 100 kilograms. The figures provide an overview of price movements across key dairy commodities and offer market participants a reference for assessing current trading conditions.
Butter Rises While Milk Powders and Cheese Face Price Pressure
Butter recorded the strongest year-on-year increase among the commodities listed in the report, rising 55% compared with the same period in 2025. Whey powder also registered an increase, although considerably smaller, at 5%.
In contrast, the milk powder and cheese categories recorded substantial annual declines. SMP prices fell 31%, while Cheddar decreased 27%. Gouda declined 18%, and Emmental eased 14% year on year.
These differences demonstrate that the European dairy market is not moving uniformly across product categories. Butter and whey powder have maintained higher prices than a year earlier, while several milk powder and cheese benchmarks have experienced significant downward adjustments.
Latest EU Dairy Commodity Benchmarks
| Dairy commodity | Price (€ per 100 kg) | Year-on-year change |
|---|---|---|
| Butter | 401 | +55% |
| Skimmed milk powder | 337 | -31% |
| Whole milk powder | 387 | Not specified |
| Whey powder | 156 | +5% |
| Emmental | 540 | -14% |
| Gouda | 390 | -18% |
| Edam | 385 | Not specified |
| Cheddar | 321 | -27% |
Source: European Commission Milk Market Observatory, report dated 21 October 2026. Year-on-year changes are included where provided in the source material.
Cheese Prices Reflect Different Market Conditions
Among the cheese benchmarks reported, Emmental recorded the highest price at €540 per 100 kilograms. Gouda followed at €390, while Edam stood at €385 and Cheddar at €321 per 100 kilograms.
Despite its higher price level, Emmental was down 14% year on year. Gouda and Cheddar experienced larger declines, indicating that current price levels and annual price performance vary considerably by cheese type.
These benchmarks are relevant to dairy processors, manufacturers, traders and buyers assessing procurement costs and product positioning. However, the reported figures alone do not establish the specific causes of each commodity’s price movement.
Country-Level Data Provides Wider Market Context
The Milk Market Observatory also provides country-level price readings alongside EU averages. Its tables include individual figures for member states such as Czechia, Poland, Ireland, Slovakia and Germany.
The report’s charts compare current weekly prices with average ranges for 2021–2025 and with 2025 price levels. This historical context enables market participants to assess recent benchmarks against longer-term reference periods.
Overall, the October 2026 data highlights a divided European dairy commodity market. Butter and whey powder remain above their year-earlier levels, while SMP, Cheddar, Gouda and Emmental have recorded declines. Monitoring these movements across product categories and member states will remain important for dairy businesses evaluating prices, purchasing decisions and market developments.