World wholesale prices

Updated 18 July 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.

Average global wholesale prices increased for all dairy products in June. Cheddar cheese saw the greatest price increase, followed by butter. Powders also saw reasonable gains, as demonstrated by strength on the GDT in June.

EU

In June, dairy product wholesale prices in Europe were mixed. Butter led the pack, increasing significantly on the month. Powders saw some support from increased interest in the European market, whilst cheese prices took a fall. Following the European Parliament election, many are waiting in anticipation to see what the shift to the right could mean in terms of EU agricultural and environmental policy.

Oceania

Butter prices were the best performing commodity, increasing by 5.9% compared to the previous month. Light milk production has limited manufacturing capabilities, whilst inventories are tight in the region. Demand has been strong, both domestic and international, which has given support to the price. The SMP price increased by 2.5% on the month, with steady demand and tight spot inventories giving support. WMP was the only product to move downwards, with the price down 1.2% on the previous month, with soft demand domestically and on the GDT. The cheese price held steady in June as demand was mixed.

US

Dairy product prices in the US saw good growth in June, with all prices moving upwards. Cheddar cheese saw the greatest increase, up 6.7%, which also drove up the global average cheese price. This strength can be attributed to good demand through both retail and foodservice. Butter rose by 2.2% since last month, with cream volumes available for manufacturing tightening as production schedules are strong across the country. Powders moved up by 3% and 2.3% for SMP and WMP, respectively.

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