UK wholesale prices

Updated 25 April 2024

Indicative average prices for butter, skimmed milk powder (SMP) and mild Cheddar cheese on UK wholesale markets. Bulk cream prices are weighted average prices on agreed trades within the reporting period. Product specifications are available to download at the bottom of the page.

Weeks 12 – 16 (w/b 18 March– w/b 15 April)

Nervousness over milk production has been playing on the minds of industry during April following a continuation of the unseasonably wet and cool weather. Despite this, changes in product pricing were minimal, generally easing month on month, with the exception of butter. Buyers and sellers continue to hold out, waiting to see where milk production peaks.

Bulk cream prices reported mixed movements through the month. Early in the period prices lowered with quotes below £2,000/t but by  the end of the month prices picked up with some quotes near £2,100/t. It was noted that prices on the continent are currently higher with the differential between UK and EU market increasing. Overall, market sentiment was reported as fairly flat with demand said to be sluggish.

Butter prices moved up slightly month on month, although like cream there was some variation through the month. Product stocks are reported as tight with less milk coming through, limiting production. Constraints in Irish milk production are also playing a role. Trade was generally reported as quiet with buyers and seller waiting to see if milk volumes begin to pick up.

SMP markets continued to weaken month on month, although to a lesser extent than recent months. Similar to other commodities, fluctuations in price movements during the period were noted. There was reported to be a flurry of activity in the early weeks due to some live tenders for North Africa, but buyer reluctance returned after.

Mild cheddar quotes saw very little range in April. Average prices eased by a marginal £20/t month on month with commentators describing the market as stable but with very little trade happening. It was commented that imports of New Zealand product have been adding some downwards pressure to cheese cheddar pricing.

The published prices will not necessarily match the overall actual price achieved by a milk processor as this will depend, amongst other things, on the proportion of product that is sold on the spot market and the proportion sold under longer term contracts and at what price this is done. The “average” prices should be used to track trends while the commentary will contain prices seen through the month.

Note there has been a change in the methodology for determining the bulk cream price from January 2021.

Information on prices and market conditions is gathered through a monthly phone survey of dairy product sellers, traders and buyers. Panel discussions cover ex-store prices on spot trades agreed within the reporting period and delivered within a maximum of 2 weeks for bulk cream and 6 weeks for butter, SMP or cheese. 

For butter, skimmed milk powder (SMP) and mild Cheddar, prices are indicative of values achieved for spot trades and exclude contracted prices or forward sales.

For bulk cream, a weighted average price will now be reported. This is based on submissions of an average price for agreed spot trades made within the reporting period along with total volumes traded. Data is entered by panel members via the AHDB online wholesale price portal.

Prices for bulk cream were not weighted by traded volumes prior to January 2021. 

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