UK wholesale prices

Updated 25 April 2025

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.

Fat prices hold out despite growing milk supplies

Weeks 13-17 (24 March 2025 to 27 April 2025)

Overall, there was marginal movement in monthly average commodity prices in April. However, week on week most product prices bounced around driven by Easter demand and changing exchange rates on currency. Notably, milk volumes have gone from strength to strength which has provided some pressure within processing capacity. Generally, the buying market was still reported to have a wait and see approach ahead of the imminent spring flush and confusing global market signals.

Bulk cream prices have been stable for three of the four months in 2025 so far, edging up just £1/t on average in April. There were fluctuations week on week, with prices edging lower at the end of March, then increasing in the two weeks prior to Easter, but easing again in the final week of the reporting period. Although milk availability has increased significantly it was noted by some commentators that cream was not easily accessible with a lot of fat being directed into cheese making.

Average Butter prices edged marginally lower month on month, down just £20/t. Like the cream market there were weekly peaks and troughs throughout the reporting period. Despite these fluctuations, the range in butter quotes has narrowed considerably compared to the previous eight months. UK stocks remain tight but are improving given the trend in milk production, but it was highlighted that in the EU milk volumes and product production are lagging behind expectations.

Stability was the key feature in Mild cheddar markets this month. Prices saw little movement, holding at the same average price as last month, continuing within a tight range as demand remained in line with previous months. Availability is still reported as limited, but production has picked up alongside milk flows, although some processors have reportedly made adjustments to their lines to keep up the pace.

SMP markets saw the most pressure this month, with prices easing £30/t on average. Geopolitics created volatile exchange rates, notably on the US dollar and Euro, and breakdowns limited domestic processing capacity, both providing negative sentiment. Overall demand was reported as mixed on both domestic and export markets with buyers waiting to see what happens next.

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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