Brussels/Milan – Data published by the European Commission’s Milk Market Observatory, updated on 16 September 2026, show a European dairy market that has been profoundly reshaped compared with last year: butter prices continue to fall sharply, while skimmed milk powder and whey powder are rising spectacularly. The situation confirms a clear shift in the balance of power among the main dairy products traded within the European Union.

Butter, in free fall from the 2025 peak

The average European butter price reached EUR 420/100 kg in week 37, ending on 13 September 2026, up slightly by 2.3% from the previous week. Looking at the year-on-year picture, however, the situation is radically different: compared with the same period last year, butter prices are 34% lower, a severe correction following the record levels reached in 2025, when quotations temporarily exceeded EUR 700–750/100 kg.

At Member State level, disparities remain significant. Slovakia leads the ranking at EUR 623/100 kg, followed by the Czech Republic (EUR 552/100 kg) and Spain (EUR 522/100 kg) – all well above the European average. At the other end of the scale are Italy (EUR 395/100 kg), Ireland (EUR 396/100 kg) and the Netherlands (EUR 410/100 kg), all below average. The intervention price for butter remains fixed at EUR 221.75/100 kg, a level comfortably exceeded by the market, at almost twice this threshold.

Skimmed milk powder, in full ascent

The contrast with butter is striking. Skimmed milk powder (SMP) recorded an average price of EUR 308/100 kg, 0.7% higher than the previous week and, more importantly, 33% higher than a year ago. The trajectory in 2026 has been consistently upward, remaining systematically above the 2021–2025 multi-year average since spring.

On national markets, the Netherlands (EUR 327/100 kg), Germany (EUR 321/100 kg) and France (EUR 318/100 kg) recorded the highest quotations, while Ireland (EUR 278/100 kg) and Poland (EUR 285/100 kg) remained below the EU average. The intervention price for SMP is EUR 169.8/100 kg, well below the current market level.

Whey powder, the year’s most spectacular development

Of all the products monitored, whey powder (WheyPowder) recorded the largest year-on-year increase: EUR 153/100 kg, up 3.8% from the previous week and 58% higher than during the same period in 2025. This category remained practically above the 2021–2025 historical average throughout the year, signalling sustained demand in this segment.

Cheeses, widespread correction

The hard and semi-hard cheese segment confirms the year-on-year downward trend also observed in butter, although with varying degrees of intensity:

• Cheddar: EUR 322/100 kg (-28% year-on-year)
• Edam: EUR 366/100 kg (-23%)
• Gouda: EUR 386/100 kg (-21%)
• Emmental: EUR 556/100 kg (-12%, the most moderate correction in the group)

Whole milk powder (WMP) and the Italian spot market

Whole milk powder (WMP) fell to EUR 374/100 kg, a 7% year-on-year decline, but followed an upward trajectory throughout the year that brought it back above the 2021–2025 average by the end of summer.

On the Italian benchmark spot market in Lodi (northern Italy), the price of raw milk reached EUR 45.0/100 kg in the week ending on 13 September 2026, significantly below the peaks of over EUR 65–68/100 kg reached in November 2024 and May–July 2025. On a monthly average basis, the Italian quotation stands at EUR 45.8/100 kg, compared with a European average of EUR 42.2/100 kg – Italy continuing to trade at a consistent premium compared with the rest of the Community market.

Conclusion

The September 2026 snapshot of the European dairy market describes an asymmetric normalisation: butter and cheeses are correcting their 2025 excesses, while skimmed milk powder and whey powder are benefiting from robust demand, pushing their prices above historical averages. For farmers and processors, the product mix remains, more than ever, the determining factor in profitability.