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World wholesale prices
Updated 19 March 2025
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.
Overview
Average global wholesale prices for dairy products mostly decreased in February and cheddar cheese was the only category to see increases across the board. On average, SMP saw the most decline.
EU
In February, EU wholesale prices saw mixed movements across categories, month-on-month. Butter and SMP prices declined from the previous month, while WMP saw an increase.
Oceania
Milk output is seasonally declining with delivery estimates up on the year in New Zealand but below the previous year’s volumes in Australia.
Butter prices increased by 6.7%, with reports describing strong domestic demand and increasing export demand pushing them. Lighter butter production was reported, following seasonal trends.
Cheddar cheese prices increased by 2.2% in February as strong domestic and export demand was described at the beginning of the month, coinciding with lighter production levels.
SMP and WMP prices increased by 5.4% and 6.6% respectively, from the previous month. Lower production and strong export demand in the first half of February were reported.
US
US dairy prices declined in February, with the exception of cheese, which increased by 1.2% as steady to stronger demand was reported. Inventory levels are balanced with demand.
The US butter price experienced a 4.0% decrease in price month on month. Domestic demand for butter has been mixed but export demand has seen strengthening recently. Sufficient cream has been available for manufacturing.
SMP and WMP prices declined by 3.3% and 4.0%, respectively as demand has been quiet.

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