European dairy commodity markets are showing sharply mixed price movements, with butter and whole milk powder recording strong year-on-year gains while skimmed milk powder and several major cheese categories remain below their levels from the same period last year.
The latest figures were published by the European Commission’s Milk Market Observatory on September 23, 2026. The weekly report covers EU average prices for major dairy commodities and includes market data through September 20.
Butter recorded an EU average price of €416 per 100 kilograms, representing a 36% increase compared with the same period a year earlier. Country-level quotations included prices ranging from €396 to €452 per 100 kilograms across markets including France, the Netherlands, Italy and Ireland, while another set of reported values ranged from €400 to €560 per 100 kilograms.
Whole milk powder also recorded significant annual growth. Its latest EU average price stood at €377 per 100 kilograms, which was 58% higher than the comparable period last year.
In contrast, skimmed milk powder has experienced a substantial decline. Its latest EU average price was €309 per 100 kilograms, down 32% year on year. Reported country-level prices ranged from €278 to €330 per 100 kilograms for the Czech Republic, Belgium, Poland and Ireland.
EU Dairy Commodity Prices
| Commodity | EU average price | Year-on-year change |
|---|---|---|
| Butter | €416/100 kg | +36% |
| Skimmed milk powder | €309/100 kg | -32% |
| Whole milk powder | €377/100 kg | +58% |
| Whey powder | €153/100 kg | -6% |
| Cheddar | €322/100 kg | -28% |
| Emmental | €531/100 kg | -17% |
| Gouda | €385/100 kg | -21% |
| Edam | €378/100 kg | Not specified |
Whey powder prices also remained below their year-earlier levels. The latest EU average stood at €153 per 100 kilograms, representing a 6% decline.
Cheese markets similarly showed weaker annual comparisons across several major varieties. Cheddar was priced at €322 per 100 kilograms, down 28% from the same period last year. Emmental stood at €531 per 100 kilograms, representing a 17% decline, while Gouda reached €385 per 100 kilograms, down 21%.
Edam was reported at €378 per 100 kilograms in the latest figures, although the provided report does not specify its year-on-year percentage change.
The contrasting performance across dairy commodities highlights the different supply and demand conditions affecting individual product categories. Butter and whole milk powder have recorded considerable annual price increases, while skimmed milk powder and several cheese products have moved in the opposite direction.
The European Commission’s report provides a broader historical reference by comparing current prices with average levels recorded between 2021 and 2025, as well as the 2025 and 2026 price series. The data also includes an index reference point dating back to 2009.
The latest figures provide market participants with an updated view of commodity price developments across the European dairy sector. Differences between products can influence processor margins, milk utilisation decisions and the relative attractiveness of different dairy product streams.
For dairy processors and traders, monitoring these commodity movements is particularly important because changes in butter, milk powder, whey and cheese prices can affect revenue expectations and market strategies.
The September 23 report therefore points to a dairy market characterised by significant variation rather than a uniform price direction. Strong gains in butter and whole milk powder contrast with substantial declines in skimmed milk powder and several cheese categories, underscoring the importance of tracking individual dairy commodity markets.