World wholesale prices

Updated 17 April 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 through March. Butter was the showstopper recording gain of 2.4% whilst cheddar cheese increased marginally by 0.1%. SMP and WMP declined by 4.3% and 0.6% respectively compared to the previous month.

EU

In March, wholesale prices of dairy products in Europe were a mixed bag with butter and average cheese prices on the increase whilst powders and whey markets remained subdued. Milk deliveries on the continent have been seasonally picking up but remain down year on year. According to the latest deliveries data, milk deliveries in the EU totalled 11,375 million litres in January this year, a decline of 0.7% year-on-year basis.

Oceania

Average prices declined across the board in March. SMP and WMP noticed a significant decline of 7.4% and 5.5% respectively. Butter moved down 1.9% month-on-month whilst cheddar saw a more marginal decline of 0.6%. Although product production is in seasonal decline, lower prices on powder and butter markets were driven by a softening in exports demand. For cheese however, there was reported to be some demand from domestic retail and exports to Asia, limiting price movement.

 US

SMP was the only product category to see prices decline in March as buyer interest was said to be quiet. Butter and WMP recorded strong growth, while cheddar was more subdued. Robust demand ahead of the spring holidays bolstered butter and cheese prices. However ample supplies limited price movement in cheese. For WMP inventories are reported to be tight amid slim drying schedules with some plant downtime at the beginning of the month for scheduled maintenance.

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