World wholesale prices

Updated 18 June 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 for all products lifted in May. Butter saw the greatest increase, of 5.2% compared to the previous month. Cheddar was up 1.2% on the month. Powders also saw reasonable gains, looking at global averages, with SMP up 1.6% and WMP up 3.2% on the April prices.


In May, dairy product wholesale prices in Europe mostly trended upwards, apart from cheeses which were more varied. Milk production reached its seasonal peak in May for many countries in western Europe, with eastern European countries expecting to peak over the coming weeks. European butter prices were up 4.3 % on the month with strong demand across both retail and bulk butter supporting prices. Powder prices also moved upwards, as increased demand for SMP within Europe and more WMP inquiries from end users, gave support to the prices.


Butter prices rose by 5.2% month-on-month in May, with sources suggesting that lower milk production was limiting supplies available for butter manufacture, against a steady demand picture in the region. Powder prices also lifted by 2.8% and 4.4% for SMP and WMP, respectively, mirroring increases seen on the GDT index. On the flipside, cheddar prices were marginally up in May, increasing 0.7% compared to the previous month. Demand for cheese is mixed, with reports suggesting softening interest from export markets.


The greatest price increase seen in May was on Cheddar, up 20.9% on the previous month with reports suggesting that demand is strong and milk availability for cheese processing is currently tighter. Butter also saw strong growth in prices, up 3.8% on the month, as reports show demand for both retail and food service butter performing well across the country. For WMP, prices moved up 2.0%, month on month, with inventories tight and some processors reportedly behind schedule for drying and delivery. SMP prices were down 0.7% on the month, whilst production has eased in line with seasonal trends.  


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World wholesale prices

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