World wholesale prices

Updated 26 August 2026

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. The US butter, SMP and cheese pricing source has been replaced with CLAL.

EU

Milk deliveries continued to grow in June, despite falling milk prices.

In July, EU wholesale prices of dairy products showed mixed pricing trends, month-on-month.

Butter and SMP decreased by 0.6% and1.2% respectively, according to the USDA. The Milk Market Observatory reported marginal increases for July. The difference may be accounted for by a difference in reporting period.

WMP increased 0.7% month-on-month while the average price of cheese decreased marginally by 0.6%, according to the Milk Market Observatory.

USA

Milk deliveries in the US are showing no indication of slowdown, alongside high investment in processing facilities. High volumes weighed on prices.

CLAL reported a drop in price of SMP for July, taking the average down 16.7% month-on-month after a continuous increase since last December. Even so, SMP remained 24% ahead of the year-ago price (note different pricing sources). Inventories remain at high levels, following an increase in production.

The WMP price also saw strong downwards movement, a decline of 10% since June.

The average butter price for July decreased by 3.7% from the previous month. Additionally, prices are 39% down, year-on-year.

Meanwhile, the average cheddar cheese price saw an increase of 6.9%.

Oceania

In New Zealand, record milk solids have been processed due to favourable weather supporting pasture growth and good economics. The new milk season had also begun with the same tone following increase in milk production in the month of June.

In Australia, the economic and climate situation looks to be improving for milk producers. Despite stronger momentum heading into the new season, Dairy Australia expects milk production to decline by around 2% in the 2026-27 season.

Average prices of dairy products declined for all recorded dairy commodities in the region for July. Cheddar cheese recorded the largest monthly decline of 13% followed by SMP (-10.9%), butter (-6.7%) and WMP (-4.8%).

Table 1. World wholesale prices for butter

Table 2. World wholesale prices for SMP

Table 3. World wholesale prices for WMP

Table 4. World wholesale prices for Cheddar cheese

Source: USDA

Download dataset

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.