USDA · AMS
Market dataUS dairy prices
USDA's weekly national survey prices — butter, cheddar, nonfat dry milk and dry whey — converted to euros at the ECB reference rate, next to the European series they are so often compared with.
Week ending19 Sept 2026
The NDPSR sheet
Weighted average prices from USDA's National Dairy Products Sales Report — what US plants actually invoiced, surveyed every week.
Europe against the United States
Both sides in euro per tonne: the European Commission's reported price next to the US survey price, each carrying its own week. Two surveys of two markets — read the gap as a signal, not an arbitrage.
| Product | EU (Commission) | US (NDPSR) | US − EU |
|---|---|---|---|
| Butter (80% fat) · Butter | € 4,164 20/09/2026 | € 2,784 19 Sept 2026 | −€ 1,380 |
| Cheddar, 40 lb blocks · Cheddar | € 3,215 20/09/2026 | € 2,982 19 Sept 2026 | −€ 233 |
| Nonfat dry milk · Skimmed milk powder | € 3,087 20/09/2026 | € 3,471 19 Sept 2026 | +€ 384 |
| Dry whey · Whey powder | € 1,526 20/09/2026 | € 1,293 19 Sept 2026 | −€ 233 |
Butter, every year over the same weeks
The recent seasons drawn over each other, in dollars per pound — where this year sits against the last few, week by week.
- Week 52
- 2023$ 2.61
- 2024$ 2.56
- 2025$ 1.49
Click a year in the legend to add or remove it.
Cheddar blocks, every year over the same weeks
The recent seasons drawn over each other, in dollars per pound — where this year sits against the last few, week by week.
- Week 52
- 2023$ 1.58
- 2024$ 1.78
- 2025$ 1.44
Click a year in the legend to add or remove it.
What these prices are
Survey prices: what US plants invoiced for spot sales, weighted by volume and published by USDA. Not CME futures, not the EEX, and not anyone's offer. The euro column is a conversion for reading, not a tradable level.
Mind the specification
US butter is 80% butterfat where Europe trades 82%, and US cheddar is not gouda. The comparison puts like against near-like — never identical products.
About the euro conversion
Converted at the European Central Bank's euro reference rate of 23 Sept 2026 (1 € = $ 1.1411). ECB reference rates are published for information purposes only.