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UK wholesale dairy prices have risen since January after falling sharply from October, with SMP and cheddar leading gains. Buyers are restocking to cover short positions, and European product has become more competitive against Southern Hemisphere supply.
Iran was also flagged as a significant SMP importer whose conflict is adding to demand.
Restocking buying, export competitiveness from Europe and lost Iranian SMP demand are firming powder prices. Milk supply remains well above average, so the recovery may stay limited.
ahdb.org.ukMar 4, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
