UK wholesale prices

Updated 25 November 2025

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.

Weeks 44-47 (27 October to 23 November 2025)

There was no let-up in declining market sentiment as the month of November progressed and the price slump seen in early Autumn deepened further. Milk supplies have continued to run at high levels and with a high build-up of stocks, processing and storage capacity alike is coming under pressure. Demand isn’t bad but isn’t sufficient to deal with these volumes.

Butter prices continued to see the most pressure. The average butter price lost a further £390/t in November, bringing the total value lost since the losses began, back in June, to £1870/t. The price range on quotes remained substantial (although less so than last month), showing the significance of downwards pricing movements from the start to end of the reporting period. The average for the period sat at £4290. By the end of the period some were even accepting offers under the 4k mark. Cream and butter are locked in a negative feedback loop with price weakness on one driving further declines on the other.

Milk continues to flow unabated to levels the industry is struggling to cope with. Various breakdowns during the period added to the pressure. European butter is now looking competitive against New Zealand which is one glimmer of light (although still at a heavy premium to the US).

Bulk cream prices followed suit with average pricing sitting £234/t lower in November compared to October. Cream is now worth almost half of what it was in September 2024. Top end pricing at the start of the period was around £1.85/kg but slid through the period to as low as £1.55. The average for the month was £1.75/kg.

Mild cheddar continued to decline, although not quite as heavily as butter. The average price fell £150/t to £2,960 breaking the psychologically significant £3,000/t price – we haven’t been there since July 2021. Reports indicate that a lot of cheese has been produced and that some of that has been produced for the whey, prices of which seem to be the only remaining buoyant dairy commodity. Irish cheddar is also abundantly available to clear stocks for years end adding pressure to an already pressured market.

SMP prices saw the least movement but did ease £20/t month on month falling throughout the month. As with the other commodities there is too much milk and only so much space to process it.

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. 

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