- Home
- Markets and prices
- Dairy markets - Prices - Wholesale prices - UK wholesale prices
UK wholesale prices
Updated 26 February 2024
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.
Overview
Mixed movements continue on wholesale market in February
Weeks 04 – 07 (w/b 22 January 2023 – w/b 12 February 2024)
February is a month for “waiting and see-ing” ahead of the Spring flush, with the market reported to be fairly quiet with the exception of butter which is experiencing increasing demand.
Bulk cream prices eased slightly month on month, down £25/t. The market was generally reported as steady, with more product moving than the previous month easing some of the pressure. There were some tentative uplifts in the final week in reaction to movements on the butter market.
Butter prices were relatively stable month on month for most of the period sitting around £4,750-4,800/t. However, in the final week it is reported that the influence of tight supply and increased demand in the EU, specifically from some Dutch traders, resulted in a few loads being quoted at over £5,000/t. Market sentiment is positive with some large industry events taking place and the GDT index moving upwards. There are some concerns being raised over future supply, with milk volumes still back year on year, the spring flush is being eagerly awaited.
SMP markets were said to be flat with little interest from buyers resulting in a tightening in the price range. The average price moved down by £30/t month on month. Despite the GDT index increasing at the latest event, it has not yet provided encouragement from buyers who continue to bide their time as most needs are covered.
There was little movement for Mild cheddar prices, easing £70/t. The market has been reported as very quiet with supply and demand seeming to be in line with buyers covered in the short term, although will need to come back to the market for medium term. Sellers are unwilling to sell at a discount with an eye on rising milk prices. There were some reports of some demand from retail and food service creeping back into the market.
Additional information
The published prices will not necessarily match the overall actual price achieved by a milk processor as this will depend, amongst 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.
Download dataset
Additional Information
Product Specification - Bulk cream
Product specification - Unsalted butter
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.