World wholesale prices

Updated 14 May 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.

Overview

N.B. -This page has not been updated with latest US data for cheese due to unavailability of USDA data. The US butter, SMP pricing source has been replaced with CLAL.

EU

In April, EU wholesale prices of dairy products were mixed. Butter prices declined while prices of SMP and WMP saw a marginal uplift. However, according to Milk Market Observatory, prices of WMP eased in April. The difference may be accounted due to reporting week variances for the month of April.

After a strong start to the year, growth in milk deliveries slowed a little in April. Falling milk prices and the war in the Middle East will increase production costs and squeeze margins. The spread of BTV in western France is likely to delay calving season, thereby delaying the flush.

The variance between fat and protein continued. Butter prices fell, declining by 6.4% month-on-month. The average price of SMP increased by 4.8% and that of WMP witnessed a marginal increase of 0.3% month-on-month.

The average price of cheese increased by 0.6% during the period according to the Milk Market Observatory.

Oceania

In New Zealand, growth in milk output is continuing with the milk season coming to an end in May. Record milk solids have been processed this season due to favourable weather supporting pasture growth and good economics.

In Australia, production is picking up after a period of decline. Despite rising input costs and increasing drought risk, milk prices have remained supported. Milk deliveries increased by 2.8% in Australia and 9.8% in New Zealand year-on-year for the month of March.

Average prices of dairy products declined during the period except SMP. Butter prices declined by 7.5% while cheddar cheese and WMP recorded a decline of 1.7% and 1.1% respectively. The average price of SMP moved up by 4.8% in response to growing global demand and tightness in supply.

World wholesale prices

Table 1. World wholesale prices for butter

$/tonne	Apr-26	Mar-26	Monthly change	Apr-25	Mar-25
US	3,821	4,124	-7.3%	5,185	-26.3%
Oceania	6,271	6,779	-7.5%	7,621	-17.7%
EU	4,913	5,246	-6.4%	8,500	-42.2%

Table 2. World wholesale prices for SMP

$/tonne	Apr-26	Mar-26	Monthly change	Apr-25	Annual change
US	4,440	3,884	14.3%	2,596	71.1%
Oceania	3,583	3,421	4.8%	2,963	21.0%
EU	3,300	3,150	4.8%	2,717	21.5%

Table 3. World wholesale prices for WMP

$/tonne	Apr-26	Mar-26	Monthly change	Apr-25	Annual change
US	5,395	5,073	6.3%	4,501	19.8%
Oceania	3,688	3,729	-1.1%	4,142	-11.0%
EU	3,958	3,946	0.3%	4,904	-19.3%

Table 4. World wholesale prices for Cheddar cheese

$/tonne	Apr-26	Mar-26	Monthly change	Apr-25	Annual change
Oceania	4,792	4,875	-1.7%	5,133	-6.7%

Source: USDA

Download dataset (Excel 313 KB)

World wholesale prices

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