UK wholesale prices

Updated 24 April 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 14-17 (30 March 2026 to 27 April 2026)

Key points:

• Fats markets have been weak in April with steep declines in cream and butter, losing much of the value gained last month
• Butter is at the lowest price seen since September 2021
• Mild cheddar prices softened with demand sluggish
• SMP remained in demand, following the wider demand for protein and shortage in the market

Volatility has continued. The budding recovery seen in dairy markets last month has stopped in its tracks in the face of continuing large milk volumes.

The conflict in Iran has also damaged confidence and some export opportunities which has stripped some of the value out of the fats markets.

Skimmed milk powder is the only commodity to buck the trend.

SMP is the strongest-performing product relative to fats and prices rose by £20/t to £2,360.

Prices eased slightly recently but were re-supported by a strong GDT auction, which rose again. 

Demand for protein remains present with a lot of interest supported by a globally competitive position. 

Middle East/Southeast Asia demand suppressed by logistically challenges and freight costs posed by the global conflict. 

Cheddar prices have now eased back after the strengthening seen at the end of March and the anticipated ramp-up in prices has not materialised.

Demand is reported to be weak as buyers have already covered positions, and sellers are unwilling to sell much below the £3,000/t mark. 

Plenty of cheese is available due to the high milk volumes so there is little urgency to buy.   

The average price for mild cheddar was £2,980, 3% lower than the last period.

Prices have lost much of the value gained in the surprise uplift in March with markets said to be incredibly volatile. 

The ongoing conflict situation drove buyer uncertainty and weakened demand. 

The market has returned to fundamentals with the amount of milk and cream available remaining at record highs. 

Prices fell over the period from as high as £1.75/kg to as low as £1.05/kg with the average for the month coming in at £1,238/tonne. 

UK prices are reported to be stronger than those on the continent.

As with the cream situation, the butter market has been very volatile and has lost all of the value gained in the first quarter of the year. 

It is now sitting at an average of £3,540/t which is the lowest price seen since September 2021. 

Buyers are taking a much more cautious approach currently and stores throughout Europe are reportedly full.  Plentiful (and cheap) cream means people are churning and selling butter very cheaply. 

Prices are weakening as milk volumes increase on the run-up to the Spring flush. 

Source: AHDB

Figure 1. UK dairy product wholesale prices

Source: AHDB

Figure 1 shows average UK wholesale prices from early 2023 to April 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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