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INDIA: Payout SMP + Anhidrous butter

Skimmed milk powder (SMP) and Ghee (anhidrous butter, 99% butter fat) are two of the main dairy products of India. During winter, at the peak of production, Indian dairy companies produce SMP for meeting the country's ever growing full-year demand of milk.

On this page the prices of SMP and Ghee Butter are used to calculate the theoretical value of the milk used for their production.

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Payout SMP + anhidrous butter (Ghee) in India

Considering the latest prices of SMP and Ghee in India, and some assumptions, this Payout calculates the theoretical value of whole milk produced in India and processed into SMP and Ghee.

INITIAL VARIABLES:
100 LT of Whole Milk with 3.5% p.p.m.g. Fat and
8.5% p.p. of Solids-non-fat (SNF)
100 LT of Whole Milk = 103 Kg of Whole Milk
PROCESSING of Whole Milk at 3.5% p.p. m.g. fat, 8.5% p.p. SNF
a. 3.5% p.p.m.g. Fat * 103 Kg Milk = 3.61 Kg of FAT
which produces:
3.62 Kg of ANHIDROUS BUTTER (GHEE)
(Butter 99.6% fat) 		b. 8.5 %p.p. SNF *103 Kg Milk = 8.76 Kg di SNF
which produces:
9.12 Kg of SMP
650 277 300.00 200 0.040 0.090
Your values Current prices
and indicative values
Butter price
July-2026		 INR/Kg 650 INR/Kg
SMP price
July-2026		 INR/Kg 277 INR/Kg
Processing Cost INR/100LT 300 INR/100LT
P-P Expenses* INR/100LT 200 INR/100LT
Theoretical price 4379 INR/100LT
44.64USD/100Kg 		4379 INR/100LT
44.64 USD/100Kg
CALCULATE RESET
*Post Procurement Expenses. Latest update: July-2026

The following graph shows the historical trend of the results of the Payout SMP + Ghee in India and compares it with the price of whole milk recorded by the source.

The following graph shows the historical trend of the results of the SMP + anhydrous butter Payout in India, according to the default values. The India payout is compared with the payouts of USA, Oceania and Germany, in which butter (82% fat substance) has beeen converted to anhidrous butter (99%).

SMP and anhidrous butter, price comparison

The following tables compare the prices of SMP and anhidrous butter in the main playing countries in the World, converted into INR/Kg (Indian Rupees per kilogram). Finally, the charts complete the comparison by adding price trends in India.

Note: The prices of anhidrous butter are mathematically calculated from the prices of butter.

/Kg SMP: International prices (₹)
Germany Oceania USA India
2025 2026 % vs '25 2025 2026 % vs '25 2025 2026 % vs '25 2025 2026 % vs '25
January 224 224 +0,1% 241 233 -3,3% 261 242 -7,3% 234 263 +12,4%
February 225 254 +12,6% 256 264 +3,2% 249 312 +25,2% 233 269 +15,5%
March 231 287 +24,3% 252 308 +22,1% 225 355 +58,0% 247 269 +8,9%
April 233 305 +31,2% 253 335 +32,4% 217 415 +91,3% 266 267 +0,4%
May 231 329 +42,2% 252 348 +37,9% 226 473 +109,2% 267 275 +3,0%
June 241 306 +27,1% 244 348 +42,5% 239 399 +66,8% 252 278 +10,3%
July 239 306 +27,8% 239 326 +36,6% 238 336 +40,8% 248 277 +11,7%
August 245 326 +33,1% 255 318 +24,7% 245 346 +41,4% 256
September 236 351 +48,9% 233 237 383 +61,9% 262
October 223 230 223 256
November 216 229 224 256
December 217 227 228 253
Average 231 296   243 306   235 359   253 271  
SOURCES:
Germany: Süddeutsche Butter - und Käsebörse eV, Kempten
USA: USDA
Oceania: USDA
India: Indian Dairy Association
/Kg ANHYDROUS BUTTER: International prices (₹)
Germany Oceania USA India
2025 2026 % vs '25 2025 2026 % vs '25 2025 2026 % vs '25 2025 2026 % vs '25
January 791 533 -32,7% 695 568 -18,2% 574 343 -40,2% 562 592 +5,3%
February 772 549 -29,0% 757 640 -15,5% 545 425 -21,9% 578 629 +8,8%
March 831 586 -29,5% 779 757 -2,8% 529 457 -13,7% 570 630 +10,5%
April 846 548 -35,2% 769 717 -6,7% 521 426 -18,2% 582 624 +7,2%
May 833 515 -38,2% 795 673 -15,3% 533 407 -23,7% 612 642 +4,9%
June 882 518 -41,2% 819 669 -18,3% 576 410 -28,8% 611 650 +6,4%
July 879 515 -41,4% 779 641 -17,8% 576 398 -30,9% 610 650 +6,6%
August 853 540 -36,8% 769 597 -22,4% 524 370 -29,4% 608
September 773 548 -29,1% 738 427 359 -15,9% 645
October 692 717 380 658
November 639 678 349 650
December 541 582 342 600
Average 789 538   740 653   492 402   607 631  
SOURCES:
Germany: Süddeutsche Butter - und Käsebörse eV, Kempten
USA: USDA
Oceania: USDA
India: Indian Dairy Association
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Market News World

In aumento Australia: Milk delivery +4,08%
In calo Japan: Caseins price -6,34%
In calo Chile: Milk Delivery -0,41%
In aumento Chile: Farm gate milk price +0,26%
In aumento Belarus: Milk Production +2,45%
In calo Russia: Milk Production -2,61%
In calo US: Cheese 40# Blocks price -6,39%
In calo US: Butter, Grade AA price -1,54%

Market News Europe

In aumento DE, Hannover: Edamer 40% price +1,41%
In aumento DE, Hannover: Gouda 45% price +1,41%
In aumento Netherlands: Butter price (82%) +1,99%
In aumento Netherlands: Whole Milk Powder (WMP) price +4,03%
In aumento Netherlands: Skim Milk Powder (Adpi-SMP) price +2,83%
In aumento Netherlands: Skim Milk Powder feed price +5,13%
In aumento Netherlands: Whey Powder feed price +5,00%
In calo France: Butter price (82%) -5,18%

Market News Italy

In calo IT: Gorgonzola PDO Production -6,90%
In calo IT, Verona: foreign Skim Spot Milk price -2,86%
In calo IT, Verona: foreign Whole Spot Milk price -2,08%
In calo IT, Verona: Spot milk price -4,26%
In calo IT, Milan: Spot milk price -1,04%
In aumento IT, Parma: Churned butter price +3,45%
In calo IT: Grana Padano Production PDO -5,56%
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