World wholesale prices

Updated 16 May 2024

This price series looks at the average wholesale prices of certain dairy products from the EU, Oceania and the US. It aims to provide an overview of global wholesale price movements which can affect prices closer to home.

Globally, average prices of dairy products varied in movements throughout April. Butter recorded a gain of 1.6% since last month whilst WMP increased marginally by 0.2%. SMP and cheddar declined by 2.5% and 1.5% respectively compared to the previous month.

EU

In April, wholesale prices of dairy products in Europe had seen small levels of increase, apart from SMP and whey markets which remained subdued. As we pass the seasonal peak, deliveries have been reported as variable across Europe. February cows' milk deliveries had negligible change compared to the same period of the previous year. In a bid to secure supply, some announcements have been made for an increase in milk prices for May.

Oceania

Average prices increased on most products in April, recovering a little from the decline in March. Butter, WMP and cheddar saw 2.6%, 1.2% and 0.3% increases respectively. The seasonal decline of commodity production encouraged prices, although industry sources commented on softening export demand for butter and cheese in recent weeks. WMP prices indicate more demand in the coming months, than the later months in the year. SMP moved down by 1.0% month-on-month with steady demand.

 US

Average prices were mixed in April. Both butter and WMP saw price increases of 2.7% and 0.6%. Domestic butter demand is variable but generally steady from the retail and food service sectors. Inventories remain tight for WMP but competitive international prices have limited exports. Cheddar and SMP saw decreases of 3.8% and 3.0% respectively. Ample supplies due to extra processing capacity limited price movements in cheese, though demand is reported to have become stronger in recent weeks. Demand remains quiet for SMP.

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