World wholesale prices

Updated 16 July 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 May, despite falling milk prices.

In June, EU wholesale prices of dairy products mostly declined.

WMP recorded the largest monthly decline of 6.1% month-on-month and SMP witnessed a similar decrease of 5.7%. Butter declined by 1.2%.

The average price of cheese increased marginally by 0.1% during the period according to the Milk Market Observatory.

USA

Milk deliveries in the US are showing no indication of slowdown, alongside high investment in processing facilities.

CLAL reported a drop in price of SMP for June, after strong gains during the previous month, taking the average down 15.1% month-on-month. Even so, SMP remained 52% ahead of the year-ago price (note different pricing sources). Inventories remain at high levels, following an increase in production. The WMP price remained strong but saw a decline of 3.5% since May.

The average butter price for June increased by 1.3% from the previous month. Some buyer activity improved ahead of summer demand, yet prices are 34% down, year-on-year.

The average cheddar cheese price saw a decline of 6.5%.

Oceania

In New Zealand, record milk solids have been processed due to favourable weather supporting pasture growth and good economics.

In Australia, milk production in the new season is picking up in most regions after a period of decline. However, rising input costs and increasing drought possibilities, pose a risk.

Average prices of dairy products declined for cheddar cheese, WMP and butter in June, by 2.3%, 2.2% and 0.8%, respectively. SMP prices increased by 0.5% during the period.

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

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