February 2026 Updates: Spot Milk and Bulk Cream Market

 

 

Prices for 25tBSC have definitely picked up this week, especially on the continent where demand has increased significantly on the previous week, possibly on the back of buyer interest coming from Oceania which is coming onto these shores as well. Starting with EU prices our contacts report prices now ahead of our domestic range, trading £1.52kg to £1.61kg ex work equivalent. While here on the home front prices in the £1.20’s have disappeared from our radar, although, our best sellers have forced our price range to widen, which this week starts from £1.30kg rising to £1.45kg ex works. The bulk of price reports coming in the range from £1.35kg to £1.40kg ex works. Expectations are for another positive GDT next week as both bulk butter and SMP prices are reported to have firmed again, the former now ranging £3,800/t to £3,900/t (but edging up the higher half of the range) with the latter trading £2,180/t to £2,200/t. Meanwhile cheesemakers are reporting even stronger market fundamentals, as manufacturers have controlled stock levels by selling out large volumes of curd overseas, while at the same time domestic buyers are said to be trying to take some longer-term cover, while prices are at lower levels. 

 

 

There has also been reports of a little firming in the spot milk price although, there are still significant volumes trading under 20ppl delivered as underlying milk volumes remain well ahead of last year, entering into meteorological spring tomorrow (1st Mar). At the low end of the trading range prices have picked up a couple pence from last week, as we have had no reports of any buying under 18ppl being achieved. The top end of the range, prices would suggest the range has edged up by a further penny for those forced to have to go into the market to buy although, it is hard to imagine there will be many with this particular problem currently. 

 

 

 

 

While we are told prices in the EU have come under some pressure this week, the price equivalent pulling back a little to around £1.13kg ex works on average, best in NI being around £1.23kg ex equivalent after costs, domestic 25tBSC prices are reported to have pepped up a little. With the big disconnect between the value of bulk cream and the butter equivalent, some of the price firming could be through cream generators, those with the ability to churn, taking some cream off the market to put butter into store for sale later in the year. Whether or not this might be the case, our overall price range moves up this week. Butter and SMP prices holding stable this week has done no harm either. The main trading volume in our range starts at the range low of £1.28kg rising to £1.32kg ex with many calling it circa £1.30kg ex. At the top end of our range our usual premium seller contacts are reporting prices anywhere from £1.35kg to £1.40kg as being achieved. 

 

 

With most of the country on school half term this last week, a few reported processing breakdowns along with some running scheduled maintenance, it is probably also good news to report spot milk prices have also held stable. Indeed, better than stable, this week sees the bottom end of our range lift by a penny, for the simple reason of having received no reports of prices being at 15ppl delivered or lower. From those not having to buy but able to facilitate delivery (aka cheesemakers) prices this week have ranged from 16ppl to 18ppl delivered and with substantial volume as well. Actully having to buy has naturally been quieter and therefore, prices on the higher side of our range hold unchanged. 

 

 

 

 

After last week’s strong bounce to the upside on our StoneXMilkpricescom UKMFE, it’s no surprise to report that prices for 25tBSC have overall moved higher this week. Helped by firmer prices for bulk butter (as well as demand from AMF producers apparently, who are reported to be tighter on stock levels with good demand) volumes at the low end to mid-range last week have seen the larger price movement within our overall range. Reports put the bulk of prices now circa £1.27kg to £1.30kg ex works. At the lower end £1.23kg is the floor, having heard no reports of anything sold lower, while at the top end our premium seller contacts are reporting as having achieved prices as high as £1.35kg. Export return is reported to be running anywhere from £1.10kg up to £1.18kg ex works equivalent net of costs. 

 

Bulk butter prices are reported to have firmed to £3,700/t to £3,800/t which is £300/t up from a fortnight ago which puts our cream equivalent around c. £1.65kg on the range mid-point. 

 

SMP prices are also reported to be firming to around £2,140/t as demand oicks up, with another £60/t being added for March delivery. 

 

 

Prices for spot milk are pretty much static perhaps firming a tad on the low end of the range possibly edging back a fraction at the top end. It feels like milk production is being monitored by the market under a microscope at moment. One week production is down a little then the following week it’s up and the previous week is also revised up. If milk production remains 3.5% up year on year, this is going to give some milk buyers serious capacity issues this spring. At the same time any rise in milk production year on year from now into and through the spring months, could quickly eat back into the market gains that have been realised in the last few weeks, especially while these gains remain so tender this side of spring. 

 

 

 

 

what can really on be on the back of the GDT results on Tuesday this week, prices for 25tBSC have subsequently risen since mid-week, where levels were, trading around or just under £1.10kg ex works to circa £1.20 to £1.25kg by Thursday, with some reporting up to £1.30kg ex works yesterday. Some sellers report the phone to be ringing again from buyers and traders expressing interest as to what future volumes may be available. Cream for export reported has been trading anywhere from £1.08kg to £1.20kg ex equivalent after costs.  

 

Our StoneXMilkpricescomUKMFE this weekend is also showing forward prices for EU butter and SMP also rising sharply, driven by buyer fear of missing out on the low price levels, while at the same time sellers seize any opportunity to try and increase prices on the back of the buying momentum. 

 

 

Prices for spot milk on the other hand have not really moved that much although, there feels not to be the same level of distressed milk being trading of that a couple weeks ago. Mostly we hear from those having to sell out surplus as receiving between 16ppl to 19ppl although, there are still reports coming in of some distressed sales at 14ppl. Therefore, we will lift the bottom end of our weekly price range by 1ppl on the previous week. On the buy side price reports have yet to come in above the 21/22ppl level.