UK wholesale prices

Updated 25 June 2026

Indicative average prices for butter, skimmed milk powder (SMP) and mild Cheddar cheese on UK wholesale markets. Bulk cream prices are weighted average prices on agreed trades within the reporting period. Product specifications are available to download at the bottom of the page.

Reporting period: Weeks 22-26 (25 May-28 June 2026)

Key points:

• The cream price saw some positive shifts in response to lower milk volumes with less pressure on processing capacity
• Butter lost another £90/t to fall to the lowest level since July 2021
• Mild cheddar prices most a further £50/t
• SMP corrected downwards, with the wider protein complex

This month has brought further challenges for markets, particularly towards the end of the reporting period. There are high stocks of some commodities and trading reportedly very quiet. This can be typical for the time of the year, as traders put their positions to bed ahead of the summer break but this year is particularly 'dead'. 

Milk supplies in the UK have been behind year-ago levels since April and there is now some spare processing capacity but we are annualising on incredibly high volumes. European milk remains extremely strong which is putting pressure on the broader market.  It will be a long recovery with so much product in store.

SMP weakened from the heights of last month, ending what had been a really positive start to 2026. Prices corrected to match competitive pricing elsewhere, losing £210/t in value. 

The US market for Non-fat Dried Milk (NFDM) also saw some correction, as did whey, which helped to pull down prices across the protein complex. 

Traders have been tidying up their positions ahead of the summer break which has sparked some downwards movements in prices particularly towards the end of the period. 

The average price for the period was £2,290.

Similar market conditions to last month with demand and supply balanced but some traders looking to sell cheap is pulling the overall market down a little. 

Little movement in cheese markets, continuing to trade at low levels due to large stocks and very quiet demand.

The average price for the period was £2,890/t, losing a further £50/t.

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Bulk cream has been the most positive commodity due to milk supplies coming down. 

Average prices picked up significantly from last reporting period but have reduced in the last couple of weeks.

There is too much of a premium versus the EU for any trade to flow in that direction and demand is reported to be weakening

The average price for the period was £1,387/t.

Butter struggled due to high milk volumes and large volumes in store putting pressure on markets. Very little demand was reported and prices were pushed down ahead of the summer holidays. 

The butter price is now way below cream returns which should disincentivise production for a time. 

Demand is currently quite weak and the market is reportedly dead. 

This caused the price to drift again, falling a further £90/t to £3,240/t, the lowest since July 2021.

Source: AHDB

Figure 1. UK dairy product wholesale prices

Source: AHDB

Figure 1 shows average UK wholesale prices from early 2023 to June 2026, measured in pounds per tonne.

The published prices will not necessarily match the overall actual price achieved by a milk processor as this will depend, among other things, on the proportion of product that is sold on the spot market and the proportion sold under longer term contracts and at what price this is done.

The 'average' prices should be used to track trends while the commentary will contain prices seen through the month.

Note: There has been a change in the methodology for determining the bulk cream price from January 2021.

Information on prices and market conditions is gathered through a monthly phone survey of dairy product sellers, traders and buyers.

Panel discussions cover ex-store prices on spot trades agreed within the reporting period and delivered within a maximum of 2 weeks for bulk cream and 6 weeks for butter, SMP or cheese. 

For butter, skimmed milk powder (SMP) and mild Cheddar, prices are indicative of values achieved for spot trades and exclude contracted prices or forward sales.

For bulk cream, a weighted average price will now be reported. This is based on submissions of an average price for agreed spot trades made within the reporting period along with total volumes traded.

Data is entered by panel members via the AHDB online wholesale price portal.

Prices for bulk cream were not weighted by traded volumes prior to January 2021. 

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