World wholesale prices

Updated 12 December 2024

This price series looks at the average wholesale prices of certain dairy products from the EU, Oceania and the US. It aims to provide an overview of global wholesale price movements which can affect prices closer to home.

Average global wholesale prices for dairy products varied in November. Some EU prices have shown signs of easing, US prices showed declines to most products, while Oceania experienced mostly positive price movements.

EU

According to the USDA source, EU dairy wholesale prices experienced a decline in dollar terms since October. Butter prices fell by 3.1% month-on-month but remain strong due to tight inventories. The USDA source recorded a decrease in price for SMP and WMP of 0.6% and 1.6%, respectively. This runs contrary to reports from the EU that saw a 2.4% and 2.2% rise in Euro terms but may be accounted for by a difference between reporting weeks for the month of November. SMP and WMP inventories were also low, and industry sources reported an increase in demand.

Oceania

Milk deliveries in Oceania have seen a seasonal uplift. Annual estimates are above 2023 volumes although lack of rainfall is threatening Australian production. Butter prices rose by 4.8%, with reports suggesting strong retail and export demand, though domestic foodservice demand has struggled. Recent commentary describes softening demand and increased availability. Cheddar cheese prices decreased by 2.4% in November following a large price hike in October. Demand for cheese has been mixed, with lighter foodservice demand. Export interest has steadied, while production has increased.

SMP and WMP prices increased by 2.4% and 5.3%, respectively, as industry sources reported strong domestic and export demand. Processors have been using more milk for powder production.

US

Average US dairy prices declined in all products except SMP. Cheese prices fell by 14.3%, as both foodservice and retail demand were subdued. Production levels and milk availability varied across the US.

Milk has been available for powder production, but output remained steady. SMP rose by 2.6% as supplies are limited, though demand has been quiet. Meanwhile, WMP decreased by 1.5% with reports of lacklustre demand and low export activity.

The US butter price experienced a 0.7% decrease in price month on month. Domestic demand for butter has been mixed but generally steady. Sufficient cream has been available for manufacturing

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