World wholesale prices

Updated 12 June 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 of all dairy products increased in May. Average prices for Cheese and WMP saw the largest increases of 2.6% and 1.5%, respectively.

EU

In May, EU wholesale prices of dairy products were mixed. Butter moved lower, whilst SMP and WMP remained relatively flat month-on-month. Production levels were at peak, but Bluetongue reported in some regions of the continent have driven down supplies and deliveries are variable across Europe.

Oceania

Milk output is seasonally low in New Zealand but higher than year-ago levels. Meanwhile, challenging weather conditions in most of the regions in Australia has lowered production.

Butter prices saw a 3.7% monthly increase. Butter production seasonally light, while export demand remained strong.

WMP prices increased by 3.1% amid limited production due to seasonal decline of milk production. Domestic demand was reportedly firm.

Cheddar cheese movement was minimal and SMP prices declined by 1.1% as demand weakened.

US

US wholesale prices of dairy products increased across the board. Cheddar cheese prices saw strong growth of 6.0%, driven by strengthening of domestic and international demand.

US butter prices increased by 0.8% supported by strong export demand and steady domestic demand. Ample volumes of cream are available for manufacturing.

SMP and WMP prices increased by 1.3% and 1.4% respectively month-on-month. Commentary describes strong demand and tightening of inventories.

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