EU Emmentaler benchmarks drop amid supply expansion

Emmentaler markets have shifted considerably this year, with prices correcting after months of tight supply and unexpectedly strong milk availability across key EU regions. At the same time, trade flows within the EU and abroad reveal weakening demand in several core destinations and growing competitive pressures in the UK and the US. As benchmarks stabilize heading into the holiday period, questions remain about how the new milking season and changing import patterns will influence pricing in early 2026.