Basic data & market development - until week 44/2025 (as at: 10.11.2025)
Raw milk / producer prices
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The weighted average price of raw milk (EU-27) amounted to ≈ €54.53/100 kg in September 2025.
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A value of ≈ €56.64/100 kg is reported for October 2025.
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This means that the milk price remains at a high level, although the momentum is tending to flatten out.
Butter & fat products
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For the "Western Europe - International Market", a butter price range of € 5,526 - 6,725/t is indicated for around September 26, 2025.
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The EU butter price index according to Vespertool was ≈ 6,700 €/t (EXW basis) at the beginning of September.
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Global market reports warn of a surplus of around 56,500 tons of butter and an incipient phase of weakness in the butter market.
Cheese / milk fat utilization
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Reliable spot values for cheese (e.g. Cheddar) are hardly available for this week.
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However, market commentaries point to price and export pressure for cheese products: Increased inventories and lower exports are weighing on the segment.
Production / supply situation & export structure
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The EU is forecasting a slight decline in milk production in 2025 compared to 2024 (e.g. reduction in cow numbers, regulatory influences).
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Milk supply and milk production show declines in some reports, which could limit supply.
Futures, indices & market expectations
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The index value for butter on the European Energy Exchange (EEX) recently stood at ≈ €6,357/t.
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Market participants are increasingly pricing in falling prices - particularly in the butter and powder segment.
