World wholesale prices

Updated 20 November 2025

This price series looks at the average wholesale prices of certain dairy products from the EU, Oceania and the USA. It aims to provide an overview of global wholesale price movements which can affect prices closer to home.

N.B. -This page has not been updated with latest US data due to unavailability of USDA data.

EU

Milk deliveries in the EU have returned to strong growth, bouncing back from production and fertility issues causes by Bluetongue virus.

In October, wholesale price movements of dairy products in Europe saw significant downward movements. The average price for butter saw the largest drop by 10.1% from the previous month. WMP and SMP declined by 9.4% and 5.1%, respectively.

The average cheese price declined by 2.1% in October according to the Milk Market Observatory.

Oceania

Milk deliveries in Oceania have seen a seasonal uplift and New Zealand continues to see strong volumes this milk year (July-September), up on the same period in 2024.

The Australian milk year-to-date (July-September) volumes track below last year’s levels according to Dairy Australia , although this is varied across regions.

The average prices of all dairy products declined month-on-month in October. WMP saw the largest decline of 4.1%. Cheddar cheese and butter recorded a decline in price of 1% and 3.3%, respectively.

SMP prices saw an decrease of 1.3%.

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