What was the EU average SMP price in September 2026?

The EU monthly average was €3,085 per tonne, up 33.7% year-on-year.

Why are butter prices so much lower than in 2025?

A 2025 production surge and high stocks created a milk fat surplus that took most of 2026 to clear.

What is driving the SMP rally?

Tightening global milk supply, firmer Asian and North African demand and diversion of skim milk into cheese and protein ingredients.

Will European farm-gate milk prices rise in Q4 2026?

Yes, Epignosis Insights expects modest increases as September commodity gains feed through processor pricing formulas.

What is the Epignosis Insights Q4 2026 butter forecast?

Butter is expected to trade between €4,050 and €4,550 per tonne.