World wholesale prices

Updated 20 February 2025

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 were fairly buoyant in January. On average, all products increased except from WMP.

EU

In January, EU butter wholesale prices declined from the previous month. The USDA source recorded marginal month-on-month increase in price for SMP and a decrease for WMP. This runs contrary to reports from the EU which recorded a decrease for SMP and stable price for WMP. The difference may be accounted for by a difference in exchange rates and reporting week variances for the month of January.

Oceania

Milk output is seasonally declining with delivery estimates up on the year in New Zealand but below previous year volumes in Australia.
Butter prices increased by 2.4%, with reports describing strengthening retail and export butter demand, but food service sales are steady to lighter. Lighter butter production was reported.

Cheddar cheese prices increased by 2.0% in January as strong domestic and export demand was reported, coinciding with lighter production levels.

Meanwhile, WMP and SMP prices decreased by 0.7% and 1.9% respectively, with low demand reported. However, recent observations show buyer interest improving. Additionally, a seasonal milk decline will reduce production levels.

US

US dairy prices showed mixed movements in January. Cheese prices jumped upwards by 7.1%, as demand strengthened from both retail and foodservice buyers. Production levels were stable, but inventory levels varied across the US.

The US butter price experienced a 1.1% increase in price month on month. Domestic demand for butter has been mixed but seen strengthening in the Central and East regions. Sufficient cream has been available for manufacturing.

Meanwhile, SMP prices declined by 1.1% as demand has been quiet. WMP decreased by 0.1%, also reporting steady demand.

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