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.

EU

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.

Oceania

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.

US

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.  

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.