World wholesale prices

Updated 17 December 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 the latest US data due to the unavailability of USDA data.

EU

Milk deliveries in the EU continued the growth in momentum, fuelled by late spring calving, better milk prices and good forage quality amid favourable weather conditions.

In November, wholesale price movements of dairy products declined across the board. The average price of butter saw the largest decline of 8.3% compared to the previous month.

WMP and SMP prices also declined by 7.8% and 2.9%, respectively.

The average price of cheese dropped by 4.6% in November according to the Milk Market Observatory.

Oceania

Milk deliveries in Oceania have seen diverse trends, with New Zealand continuing to see strong milk flows this milk year (July to October), up 2.3% on the same period in 2024.

An increase in the number of cows, coupled with a favourable spring and additional feeding, supported the growth.

The Australian milk year-to-date (July to October) volumes remained 2.3% lower compared to the same period last year, according to Dairy Australia. However, performance was varied across regions.

The average price of all dairy products continued the downtrend month-on-month, with SMP recording the largest decline of 13.5% followed by butter at 8.8%.

WMP and Cheddar cheese prices declined by 4.7% and 3.4%, respectively.

While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.

All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk  © Agriculture and Horticulture Development Board. All rights reserved.