Fonterra WMP at 27,500 Yuan/Tonne: Dairy Commodity Quotes July 22

Summary

Dairy commodity quotes on 22 July 2026: Fonterra wholemilk powder at 27, 500 yuan per tonne, NZ OCD wholemilk powder at 27,

400 yuan per tonne; Fonterra skim milk powder at 25, 900 yuan per tonne;

domestic wholemilk powder (Yili / Qishili) at 26, 700 yuan per tonne; domestic skim milk powder at 21,

600 yuan per tonne; NZ OCD whey protein concentrate WPC34 at 56, 500 yuan per tonne;

imported butter: NZ OCD grass-fed unsalted butter at 1, 220 yuan per carton.

Commentary

Current quotes place NZ wholemilk powder (Fonterra/OCD) near 27,500 yuan per tonne, roughly 800 yuan above domestic WMP at 26,700 yuan. The gap reflects export processing costs and brand premium. OCD grass-fed butter, at 1,220 yuan per carton, commands an 11% premium over standard NZMP butter, highlighting potential in China's premium dairy segment.

Forward quotes suggest bearish sentiment: WMP for Q4 2026 delivery falls to 27,000 yuan, and butter for Q1 2027 drops to 1,080 yuan, signalling expectations of rising supply or softening demand in the second half. For NZ SMEs, short-term locking of forward contracts can hedge downside price risk. Over the longer term, they should strengthen differentiation labels such as grass-fed and organic to compete with domestic brands like Yili, leveraging zero-tariff advantages under the NZ-China FTA to expand retail channels in tier-2 and -3 cities.

Domestic SMP, at only 21,600 yuan per tonne, remains markedly lower than imports, indicating persistent substitution pressure.

Keywords: Fonterra, wholemilk powder, skim milk powder, butter, anhydrous milkfat, cheese, OCD, price, import, forward quote

Summary in Chinese | 摘要

2026年7月22日大宗乳品报价：恒天然全脂奶粉27500元/吨，新西兰OCD全脂奶粉27400元/吨；恒天然脱脂奶粉25900元/吨；国产全脂奶粉（伊利/骑士）26700元/吨；国产脱脂奶粉21600元/吨；新西兰OCD浓缩乳清蛋白粉WPC34 56500元/吨；进口黄油中新西兰OCD草饲无盐黄

Commentary in Chinese | 评论

今日报价显示，新西兰全脂奶粉（恒天然/OCD）价格约27500元/吨，较国产全脂奶粉（26700元/吨）高出约800元，价差反映出口加工成本与品牌溢价。OCD草饲黄油每箱1220元，比普通NZMP黄油溢价11%，凸显中国高附加值乳品细分市场潜力。远期报价中，全脂奶粉2026年四季度交货降至27000元，黄油2027年一季度降至1080元，提示下半年供给增加或需求走弱预期。

对新西兰中小企业，短期可关注锁定远期合同规避跌价风险；长期应强化草饲、有机等差异化标签，应对伊利等中国本土品牌的竞争，利用中新FTA框架下的零关税优势拓展二三线城市零售渠道。当前国产脱脂奶粉仅21600元/吨，显著低于进口，表明替代压力持续存在。

关键词: 恒天然, 全脂奶粉, 脱脂奶粉, 黄油, 无水奶油, 奶酪, OCD, 价格, 进口, 远期报价

Source: ZAKER