UK wholesale prices

Updated 25 June 2025

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.

Butter and cream jump up ahead of holiday season

Weeks 22-25 (26 May 2025 to 22 June 2025)

Despite continued improvement in domestic milk volumes, bulk cream and butter markets carried bullish sentiment through June, with weaker supplies on the continent and strong domestic cream demand supporting prices. However, SMP and mild Cheddar markets were more muted.

Bulk cream prices were reported to have dipped at the end of May to around £2.50/kg, but since then have gained strength week on week, with quotes in the latest week near £2.80/kg. Trading was said to be good, with buyers looking ahead to the summer holiday period. Warm weather and a bumper strawberry crop were also said to be driving some additional cream demand.

Likewise, butter followed the direction of cream, gaining around £100 month on month, but remaining within a tight range. Supplies continue to be reported as tight, with a good amount of cream being sold rather than processed, which is supporting the butter price.

SMP remined very stable, average prices increased just £10, back to where they sat in April as demand was noted to be thin.

Mild cheddar was the odd one out this month, with average prices continuing to slip downwards. Demand was said to have improved slightly with buyer’s keener to commit and a better balance of stock post flush.

The published prices will not necessarily match the overall actual price achieved by a milk processor as this will depend, amongst 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. 

While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.

All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk  © Agriculture and Horticulture Development Board. All rights reserved.