World wholesale prices

Updated 21 November 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 for dairy products varied in October. Some EU prices declined from the highs of the previous month, US prices showed mixed trends while Oceania experienced further increases across the board.

EU

According to the USDA source, EU dairy wholesale prices experienced a decline in dollar terms from the record high prices of September. Butter prices fell by 5.3% month-on-month but remain strong due to tight inventories. This runs contrary to reports from the EU that saw a 1.9% rise in Euro terms but may be accounted for by a strengthening Euro against the dollar. In any case, it looks as though EU butter prices may have now peaked as November is looking less strong. SMP and WMP inventories were also low, but sufficient to meet lacklustre demand, resulting in a decrease in prices.

Oceania

Milk deliveries in Oceania have seen a seasonal uplift, although lack of rainfall threatened Australian volumes. Butter prices rose by 2.9%, with commentary suggesting increased domestic and export demand. Export demand for cheese strengthened, and while domestic foodservice demand has struggled, retail demand has been strong. Cheddar cheese prices soared by 13% in October and are the highest recorded since September 2022. SMP and WMP prices increased by 0.7% and 3.2%, respectively as industry sources reported strong domestic and export demand. Processors have been using more milk for powder production.

US

US dairy prices showed mixed movements in October. Cheese prices declined by 2.1% as both foodservice and retail demand were quiet. Milk availability is tight but adequate for manufacturing demand. Production levels varied across the US. Milk has been available for powder production, but outputs remained steady. SMP rose by 4.0% as domestic demand became stronger. Meanwhile, WMP decreased by 3.0% with reports of lacklustre demand and low export activity. The US butter price experienced a 13.8% decrease in price month on month . Domestic demand for butter has been steady, and inventories reported to be sufficient.

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.