World wholesale prices

Updated 17 July 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.

Overview

Average global wholesale prices of dairy products increased across the board in June.

Average prices for butter saw the largest increase of 2% this month followed by SMP at 1.1%. Cheddar cheese and WMP increased by 0.7% and 0.6% respectively, compared to the previous month.

EU

In June, EU wholesale prices of dairy products moved upwards according to the USDA, while the Milk Market Observatory reported varied and minimal movement.

The difference may be accounted for by a difference in the exchange rates and reporting week variances for the month of June.

Milk production in Europe is reportedly now making small gains year-on-year, driven by a surge of collections in Ireland, France, Romania, and Poland.

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 have lowered production.

The average prices of dairy products recorded a month-on-month decline in price across the board.

WMP recorded the most significant decline of 5.3% and SMP declined by 3.8% as demand weakened.

Cheddar cheese prices declined by 2.8%. Domestic prices remain strong while export prices have declined.

The butter price moved down by 0.6% from the previous month. Butter production is seasonally light, and the lower end of the price range began to include longer-term contracts looking toward peak milk output in the Autumn.

USA

In the USA, prices increased across the board. Cheddar cheese saw a 5% increase in price as demand rose, both domestically and on the export market.

SMP and WMP saw strong growth of 5.1% and 4.5%, respectively. Production is limited, though there are signs of demand slowing.

Butter prices increased by 4.6% as strong demand continued from international buyers. US butter remains competitively priced.

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World wholesale prices

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