UK wholesale prices

Updated 24 July 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 27-30 (29 June-26 July 2026).

Key points:

• The cream price saw some positive shifts in response to lower milk volumes produced by successive heatwaves here and on the continent
• Butter strengthened £80/t to £3,320/t as more fat sold directly as cream
• Mild cheddar prices moved upwards by £150/t to £3,050 as supplies tighten
• SMP followed suit, gaining £70/t to £2,360/t

Late June and July’s heatwaves constrained milk volumes sharply both in the UK and in mainland Europe, particularly France and Germany.  The UK saw temperatures in excess of 35C for several days in both June and July. Milk volumes fell to 4.5% below last years at one point with some processors hit harder than others based on regionality.  Both volumes and fat and protein content will have been affected.

European milk also fell with France the worst affected losing year-on-year volumes of 7.5% at times and Germany 3% behind. 

This has created scarcity in cream availability as well as ripples in other commodity markets as supply fears drove some short-term position covering. 

As temperatures have now moderated (although still causing a degree of heat stress) the jury is out as to how long supply disruptions could last for. Cream markets are already nudging downwards but hotter weather remains in the forecast.

Bulk cream has been the most positive commodity due to dwindling milk supplies.  Average prices picked up significantly from the last reporting period moving up from the low 130’s to as high as £1.70/kg at times but have reduced in the last week as milk volumes have partially recovered. Prices in Europe are reported to be weaker.

The average price for the period was £1,530/t.

The price of cream meant it became uneconomical to churn butter beyond contracted volumes putting some tightening on markets.  However, stores are still reportedly full (although some is ageing) and availability remains high. 

The market remains quiet although some pockets of demand came in in anticipation of price rises causing prices to edge upwards.. 

Prices rose £80/t to £3,320/t.

SMP followed suit with the churns not running for butter, smaller amounts of skim were produced pushing up prices slowly. However, the market was still described as quiet.    

The average price for the period was £2,360, a gain of £70/t.

Again, with more milk diverted to cover fresh dairy production cheese stocks have tightened a little driving prices upwards.  More buyers are coming to the market keen to buy at yesterday’s prices, however with sellers preferring to retain stock in anticipation of prices moving northwards.  There were bargains to be had for those encountering motivated sellers however. 

The average price for the period was £3,050/t, gaining £150/t.

Source: AHDB

Figure 1. UK dairy product wholesale prices

Source: AHDB

Figure 1 shows average UK wholesale prices from mid 2023 to July 2026, measured in £ 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. 

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