January 2026 Updates: Spot Milk and Bulk Cream Market

 

 

Still a wide range in 25tBSC prices being reported this week with prices starting from £1kg ex works up through to £1.24kg ex works. At the same time export range also widening as some report firmer markets on the continent, anything from 98p/kg to £1.25kg ex works equivalent. 

 

Most prices through the week and certainly earlier in the week having come in around the £1kg to £1.10kg ex level and therefore, prices looked to have picked up as the week progressed. Bulk butter prices are reported stable generally around the £3,400/t level although Irish is being quoted around £100/t lower. The gravitational effect on butter prices from the lower bulk cream price still reamins a threat for now. 

 

SMP prices have firmed to around £1,900/t level as the tone for demand coming out of Gulfood this week is reported to have edged towards the positive side (and the US for that matter where the data published for the main dairy commodity stocks are reported little better balanced than previously feared for Q4 last year) especially as traders try to cover short positions. This positivity also being picked up in our latest StoneXMilkpricescom UKMFE forward curve update this weekend. 

 

 

With plenty of milk still swashing around as some processors try to make final preparations for maintenance shutdowns before spring, our spot milk price range is relatively unchanged. The mainstream of reports has been coming in this week around 15ppl to 20ppl delivered, with a couple pence either side capturing the full range for the week. 

 

Worryingly some milk buyers also commenting that they are staring to milk volumes climb, others report stable although, no one is really reporting volumes pulling back of significance. In their report this week one of our most reliable sources summed up the current situation by saying ‘something needs to happen and soon, as capacity in the UK simply cannot cope with 3.5% more milk this spring than 2025’. 

 

 

 

 

Values for 25tBSC have steadily declined over the last week (as bulk butter values continue to weaken from £3,600/t a couple weeks ago to £3,450/t currently) which has dragged the low end of our domestic range down to as low £1kg ex works for some distressed loads. At the same time actual homes for the cream is also being reported as becoming more limited, possibly as a result of the poorer returns for export at the moment. The same downward pressure has also been felt at the top end of our range, with our premium sellers also reporting values back from £1.32kg the previous week to £1.25kg best this last week. Export returns have fallen to sub £1kg to circa 95p per kg ex works equivalent after costs. 

 

 

Traded prices for spot milk are also under coming under pressure with some deals for those having to sell down to as low as 13ppl. This takes low end of our price range down 3ppl from the previous week. Entering the market looking to buy has seen a similar level of decrease down to 21ppl. 

 

 

On a brighter note the price of SMP has firmed to circa £1,850/t. 

 

 

 

There is still a wide trading range for 25tBSC overall with some sellers reporting the low end of the range still down around £1.11kg to £1.12kg ex works while others are reporting up to £1.32kg ex works. To be fair most of the reports have been coming in £1.20kg to £1.25kg ex works. A little north/south divide is noticeable just at the moment though. Prices going into next week looking every bit as wide ranging from initial indications. Exports to the continent have edged up a little from last week to where we've been told £1.15kg ex works net of costs. 

 

 

Our spot milk price range has firmed a little especially from the previous week’s low end of the trading range. This is partly as the industry will now have mostly worked through the additional milk surpluses created by the festive holiday period, which heaped huge opportunistic downward pressure on price levels, which so much milk having been dumped. While milk volumes coming off farm appear to be edging back year on year, the milder weather might pep milk production up a little, while consumer demand won't be the same as when temps across the country are sub zero. 

 

 

 

 

 

Our first update of 2026 and so Happy New Year everyone and better still we start on a positive note.  

 

From the Xmas lows (those lows starting with the large volumes of milk dumped, losing the cream as well) traded prices ran anywhere between 70pkg and £1.10kg ex works 25tBSC (bulk sweet cream) started this week in a range of £1.09kg to £1.13kg ex moving up steadily through the week (possibly buoyed by Tuesday’s 6.3% bounce in GDT to circa £1.25kg by this weekend. Therefore, a wide range in price is reported for this week from £1.09kg to £1.25kg ex works. From the feedback on prices for export of cream to the continent not great at circa £1.10 ex equivalent after costs. 

Looking to next week some already reporting as already having sold domestic cream for up at £1.32 ex works. 

 

Meantime, butter prices also reporting to have firmed from the December low to circa £3,600/t for bulk unsalted. SMP prices currently pulling a wider trading range at £1,710/t to £1,825/t. 

 

 

The cold weather has certainly helped pick up demand on the hot drinks front which in turn has pepped up prices the spot milk market. From the lows of 5ppl trading over Xmas the price for those able to take milk into manufacturing but not dependent on such volumes, the range this week have run between 13ppl and 19ppl delivered. Any milk buyer coming to the market looking to top up with the odd load, the price has quickly lifted to as high as a reported 22ppl. This price for next week already looking to push towards the mid 20’s. Much will depend on weather and volumes.