FAO Dairy Price Index

The FAO Dairy Price Index averaged 117.8 points in October, down 1.3 points (1.1 percent) from September, following the marginal decline recorded in the previous month. The index stood 16.9 percent below its year-earlier level, with skim milk powder (SMP) quotations 45.8 percent higher than in October 2025, butter and cheese prices 31.1 and 29.3 percent lower, respectively, and whole milk powder (WMP) prices broadly unchanged. The October decrease was driven by declines in international butter and cheese quotations, which more than offset further increases in milk powder prices. Butter and cheese markets weakened amid ample supplies and subdued buying interest, particularly in the European Union, where elevated butter stocks and ample cheese supplies continued to weigh on prices despite signs of slowing growth in milk production. Competitive export supplies from the United States of America exerted additional downward pressure on prices. By contrast, SMP prices rose markedly across major exporting regions, supported by sustained import demand and limited supplies available for prompt delivery. In the United States of America, strong demand for nonfat dry milk, coupled with competition for milk solids from higher-value dairy protein products, tightened powder availability despite overall ample milk supplies. WMP quotations edged higher, as firmer prices in Oceania more than offset a marginal price decline in Europe.

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