World wholesale prices

Updated 16 October 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 latest data due to unavailability of USDA data.

Average global wholesale prices of dairy products were largely negative apart from SMP in August. Average prices for SMP increased across the board, whilst butter, WMP and cheese averages declined for all regions compared to the previous month.

EU

In August, wholesale price movements of dairy products in Europe saw mixed movements but remained relatively stable for another month.

Butter and WMP recorded a decline in price of 4.4% and 1.8%, respectively from July, whilst SMP moved upwards by 0.6% according to the USDA.

The average cheese price saw another month of stability.

Oceania

Challenging weather conditions in key dairy regions in Australia have lowered milk production. Meanwhile, milk output in New Zealand is significantly higher than year-ago levels and outputs are rising into the start of spring season.

The average prices of dairy products recorded mixed movements.

Cheddar cheese and butter recorded the most significant decline in price of 3.5% and 2.8%, respectively as demand is light. Production is light though cream supplies for butter are readily available.

The WMP price moved down by 0.7% from the previous month.

SMP prices saw an increase of 6.4%. Domestic demand is reportedly steady, whilst export demand has increased. Production levels begin to pick up due to increased milk output.

USA

In the USA, prices decreased, with the exception of SMP, which saw a marginal 0.3% increase in price.

Butter prices decreased by 3.8%. Domestic demand was reportedly steady while export demand was stronger. However domestic food service demand remained on the lower side. Production schedules are mixed to higher but full capacity has not been met.

WMP prices declined by 1.7% as demand lacks momentum. Production remains focussed on filling contracts.

Cheddar cheese dipped by 0.6% as inventories remain plentiful. Cheese production is said to be balanced with demand.

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