
The European Commission data show the average EU farmgate milk price was 42.8 cents per kilogram in August 2026, down 19.7% year-on-year and 8.3% below the five-year average. EU milk collection rose 3% from January to August, and processors expanded output of skim milk powder, butter and cheese.
Expanding EU milk supply and dairy processing put downward pressure on dairy prices, which weakens the value of dairy as a feed ingredient. Lower farmgate prices may also reduce dairy cow feed budgets over time.
After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.