Daily dairy commodity prices (2026-08-24)

Summary

Dairy commodity prices for 24 August 2026 have been released. Fonterra whole milk powder is quoted at 28,800 yuan per tonne in Shanghai, while domestic Yili whole milk powder stands at 27,500 yuan per tonne. Imported butter prices are listed for New Zealand grass-fed unsalted butter at 1,190 yuan per carton and NZMP unsalted butter at 1,050 yuan per carton.

Fonterra anhydrous milk fat is priced at 49,800 yuan per tonne, and NZMP chilled cheddar cheese at 830 yuan per carton. Forward NZMP butter for September-October 2026 delivery is quoted at 1,050 yuan per carton, with Q1 2027 delivery at 1,030 yuan per carton. All prices are valid for the day.

Commentary

In today's quotation, Fonterra whole milk powder at 28,800 yuan per tonne is 1,300 yuan above domestic Yili, a gap that has narrowed against historical levels. This reflects mounting price competition from local Chinese milk powder. For small and medium-sized New Zealand dairy exporters, profit margins from relying solely on commodity whole milk powder are under pressure.

Meanwhile, forward NZMP butter for Q1 2027 is quoted at 1,030 yuan per carton, roughly 2 percent below the September-October period this year, signalling market expectations of a looser supply outlook for next year. Exporters are advised to shorten price-lock cycles or adopt floating pricing mechanisms. Given that China is New Zealand's largest dairy export market, smaller exporters should pivot towards high-value-added categories such as anhydrous milk fat (49,800 yuan per tonne) and niche grass-fed product lines, rather than directly competing on price with domestic base milk powder.

Keywords: bulk dairy commodities, quotation, whole milk powder, skim milk powder, butter, anhydrous milk fat, cheese, whey protein powder, forward quotation

Source: ZAKER