Butter
Butter
Price movements (monthly)
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EU Butter
Month-on-month Change
Year-on-year Change
US CME Butter Futures
Month-on-month Change
Year-on-year Change
EU
- The assessment for Unsalted Butter EXW European Union [J116] was €6,300/mt on August 28th , down by €700/mt M-O-M.
- Following a moderate price decrease during the first three weeks of August, the EU butter price collapsed during the last week of the month, with prices falling sharply. During the last price assessment, a decline of €500/mt was reported.
- Buying interest was reported as muted for both spot volumes but also for Q4 delivery, with little interest across the foodservice and industrial segments.
- Supply increased during the month. In addition to adequate fresh supply supported by elevated milk fat availability linked to ample milk production, traders and processors were reported to be active in moving older butter stocks in the market.
US
- US butter prices decreased in August 2025. The Expana Benchmark Price (EBP) for butter [SDBN] was last assessed at $2.47/lb on August 28th, down $0.10/lb on the month.
- Butter production continued to be strong in August as elevated milk flows supported production.
- Steady to strong stock levels helped fuel growing exports as global appetite for US butter continued to rise on the month.
Butter
Price drivers
↓ Logistics
The shipping 40ft container composite decreased by 12% M-O-M and 56% Y-O-Y to $2,340 per unit in August. The decline in freight rates is explained by the fact that a significant portion of cargo was shipped in advance in July to avoid the August tariff deadlines, after which volumes fell sharply. The growth in container capacity added additional pressure, which has exacerbated the problem of global overcapacity. As a result, carriers have been unable to maintain prices, and rates on key routes continue to fall.
↑ Feed Costs
Feed grains are a significant component of livestock production costs. As a result, any price decreases in maize (corn) and wheat could push prices of animal protein downward.EU wheat prices fell month-over-month due to strong production outlooks, with concerns over grain quality easing as harvests wrapped up in dry weather. German wheat output rebounded, up 21.9% year-over-year.
EU corn prices also fell in August, influenced by bearish global fundamentals, such as higher-than-expected US yields and record output in the US and Brazil. While Ukrainian corn production forecasts rose, crop stress from dryness across Europe helped limit further losses in futures markets.
↑ Energy Prices
Electricity prices in Europe and the US fell by less than 1% month-over-month. As a result, production costs remained virtually unchanged from the previous month. Given that scrap steel and electricity prices changed insignificantly, the cost of steel production in electric furnaces remained stable in August.
Butter
Price forecast
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