Global butter prices were broadly stable in September

The FAO Dairy Price Index averaged 119.1 points in September, down 0.1% from August and 19.1% below the level recorded in September 2025. Lower cheese prices were almost fully offset by higher milk powder quotations.

Butter prices were broadly unchanged in September. Lower export prices in Oceania were largely offset by firmer prices in Europe, where milkfat supplies remained limited following a hot and dry summer.

Milk powder prices increased across all major exporting regions. Prices were supported by steady import demand, particularly from Asia, as well as limited availability for near-term shipments. Skim milk powder quotations were 33.1% higher than a year earlier.

Cheese prices declined across all major exporting regions. The strongest pressure came from the EU, where weaker demand and sizable supplies from the US increased competition, while in Oceania seasonal growth in export availability added further pressure.

Overall, dairy markets remained mixed in September: butter prices were stable, milk powder strengthened and cheese declined. The FAO Dairy Price Index nevertheless remained well below its year-earlier level.

Tags: prices, butter, global market