World wholesale prices

Updated 16 September 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. The US butter, SMP and cheese pricing source has been replaced with CLAL.

EU

Milk deliveries continued on an upward trajectory despite challenging market conditions amid extreme temperatures and increasing input costs.

Both the Milk Market Observatory and the USDA reported a firm tone across the board. Butter and SMP increased by 3.5% and 5.9% respectively during the period. WMP also followed suit increasing by 7.2% month-on-month in August. Higher stocks of butter limited the upside movement whilst SMP remained competitive in the global market compared to the US and Oceania.

USA

Milk deliveries in the US continue to grow. Higher investment in processing facilities have increased the volume of dairy products produced.

CLAL reported a drop in the price of butter for another consecutive month in August, taking the average down 6.7% month-on-month. However, prices remain very depressed at a significant lower level of 40.5% year-on-year.

SMP prices increased by 3.6%, month-on-month in August after a decline last month. Even so, SMP remained 28.4% ahead of the year ago price. Good buying interest in the domestic market firmed demand.

WMP prices witnessed a modest recovery of 0.4% after last month’s decline.

The average cheddar cheese price was flat during the period.

Oceania

In New Zealand, favourable dairy economics underpinned by strong farmgate milk prices and positive farmer margins supported record milk solids. The new milk season has also begun with the same tone with an increase in milk production in the month of June.

In Australia, the milk year ended with a positive note in June. However further momentum in milk production in the new milk year 2026/27 will depend on global dairy commodity prices and uncertainty pertaining to input costs and weather.

Average price movements of dairy products were mixed in the region for August. Butter recorded the largest monthly decline of 4.4% followed by cheddar cheese (-2.5%). Conversely, SMP and WMP witnessed modest gains of 1.9% and 0.7% respectively month-on-month in August.

World wholesale prices

Table 1. World wholesale prices for butter

$/tonne	Aug-26	Jul-26	%	Aug-25	Jul-25
US	3,250	3,483	-6.7%	5,463	-40.5%
Oceania	5,244	5,488	-4.4%	7,363	-28.8%
EU	4,669	4,513	3.5%	8,225	-43.2%

Table 2. World wholesale prices for SMP

$/tonne	Aug-26	Jul-26	%	Aug-25	Jul-25
US	3,629	3,503	3.6%	2,826	28.4%
Oceania	3,331	3,269	1.9%	2,963	12.4%
EU	3,388	3,200	5.9%	2,788	21.5%

Table 3. World wholesale prices for WMP

$/tonne	Aug-26	Jul-26	%	Aug-25	Jul-25
US	4,692	4,672	0.4%	4,715	-0.5%
Oceania	3,488	3,463	0.7%	3,981	-12.4%
EU	3,925	3,663	7.2%	4,931	-20.4%

Table 4. World wholesale prices for Cheddar cheese

$/tonne	Aug-26	Jul-26	%	Aug-25	Jul-25
US	3,435	3,434	0.0%	3,865	-11.1%
Oceania	3,869	3,969	-2.5%	4,644	-16.7%

Source: USDA

Download dataset

World wholesale prices (Excel, 323 KB)

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