UK wholesale prices

Updated 22 May 2026

Indicative average prices for butter, skimmed milk powder (SMP) and mild Cheddar cheese on UK wholesale markets. Bulk cream prices are weighted average prices on agreed trades within the reporting period. Product specifications are available to download at the bottom of the page.

Reporting period: Weeks 18-21 (27 April 2026 to 24 May 2026)

Key points:

• SMP remained in demand, following the wider demand for protein and shortage in the market
• The cream price has picked up through the month but, as it dropped at the end of April, ends the month at a similar average
• Butter lost another £210/t and is at the lowest price seen since August 2021 but may be edging up now
• Mild cheddar prices softened with demand sluggish

This month has brought similar themes for the markets – fats still under pressure due to milk volumes, SMP soaring high and the mild cheddar market very quiet. 

Milk supplies are beginning to come under control and as we have now passed the peak signs that markets may be less pressured but will be a long recovery with so much product in store.

SMP is the strongest-performing product relative to fats and prices rose by £140/t to £2,500/t. We have to go back to November 2022 to see those levels.

Demand for protein remains strong with pricing remaining very competitive particularly compared to the US.  Demand would be even stronger if not for the conflict posing export issues.

Stock volumes building up are causing some pressure to move product on.   

The cheddar market is reported to be ‘quiet’ with not much demand and much of the market fairly balanced, although there is plenty of cheese around. 

Cheddar prices have eased slightly as a result although balanced by an increase in whey pricing.

The average price for mild cheddar was £2,940, 1% lower than the last period.

Prices saw some movement through the month from a low point in the 1.00’s up to the low 1.30’s at the end of the period. 

The average for the month came out as £1220/t which was very similar to last month despite a lot of movement in the interim. 

Some tightening in the milk supply as we have passed the peak of the flush is offering some support for prices, as is the price on the continent.

Prices remain at half the value of a year ago though. 

Butter has struggled due to high milk volumes and reportedly large volumes in store.

With churns running at capacity and a lack of places for it to go, the market is reliant on demand which seems to be weak on the spot market. Most buyers are looking to secure slightly worse prices further ahead but not need to store it. 

Cream is undervalued versus butter so there is money to be made if you have capacity to churn and store which keeps pressure on the price.

Although the price moved down £210/t (6%) to £3,330/t, as with cream this belies some movement across the month and sentiment is slightly more positive in the past week.

Source: AHDB

Figure 1. UK dairy product wholesale prices

Source: AHDB

Figure 1 shows average UK wholesale prices from early 2023 to May 2026, measured in pounds per tonne.

The published prices will not necessarily match the overall actual price achieved by a milk processor as this will depend, among other things, on the proportion of product that is sold on the spot market and the proportion sold under longer term contracts and at what price this is done.

The 'average' prices should be used to track trends while the commentary will contain prices seen through the month.

Note: There has been a change in the methodology for determining the bulk cream price from January 2021.

Information on prices and market conditions is gathered through a monthly phone survey of dairy product sellers, traders and buyers.

Panel discussions cover ex-store prices on spot trades agreed within the reporting period and delivered within a maximum of 2 weeks for bulk cream and 6 weeks for butter, SMP or cheese. 

For butter, skimmed milk powder (SMP) and mild Cheddar, prices are indicative of values achieved for spot trades and exclude contracted prices or forward sales.

For bulk cream, a weighted average price will now be reported. This is based on submissions of an average price for agreed spot trades made within the reporting period along with total volumes traded.

Data is entered by panel members via the AHDB online wholesale price portal.

Prices for bulk cream were not weighted by traded volumes prior to January 2021. 

While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.

All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk  © Agriculture and Horticulture Development Board. All rights reserved.