World wholesale prices

Updated 16 April 2025

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.

Average global wholesale prices for dairy products mostly decreased in March. Globally, average prices for SMP saw the largest reduction of 3.3%, compared to the previous month. Cheese and WMP saw overall declines of 2% and 1.2%, respectively. Meanwhile, the overall average butter price rose by 2.1%.

EU

In March, wholesale prices of dairy products in Europe were mixed, with most products increasing in price. Butter and WMP both increased while SMP eased. Milk deliveries on the continent have been seasonally picking up but remain down year on year. According to the latest deliveries data, January milk deliveries in the EU are estimated to have declined by 0.3% year-on-year.

Oceania

Milk output is seasonally declining. Dry conditions were reported in much of Australia while New Zealand’s dairy economics remain particularly favourable.

Butter prices increased by 3.5%, with reports describing strong domestic retail demand. Lighter butter production was reported, following seasonal trends.

Cheddar cheese prices increased marginally by 0.1% in March. Domestic demand has been mixed but export demand has seen recent strengthening. Spot load availability is plentiful, but recent cheese production is light.

SMP and WMP prices decreased by 0.9% and 3.2% respectively, as domestic demand has softened, and production schedules are lighter.

US

US dairy prices declined in March. SMP and WMP prices declined by 8.8% and 5% respectively as milk availability remains strong, and demand has been mixed. US butter experienced a 6.4% decrease in price month on month. An excess of cream has meant it is very affordable and available for manufacturing. Domestic retail demand for butter has strengthened while foodservice is weaker. Competitive pricing has nudged up export demand.

Cheddar cheese saw a 4.5% decline in price as inventories are growing and demand has generally been quiet.

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