由于供应创纪录和需求疲软,全球奶制品价格在2025年12月创下15个月的最低点。 Global dairy prices hit a 15-month low in December 2025 due to record supply and weak demand.

2025年12月第八次直接拍卖全球奶制品价格下跌,下降4.3%至每吨3 507美元,这是2024年1月以来最低的,这是由新西兰、美国、欧洲和阿根廷创纪录的牛奶产量驱动的,加上中国产量的反弹。 Global dairy prices fell for the eighth straight auction in December 2025, dropping 4.3% to $3,507 per tonne, their lowest since January 2024, driven by record milk production in New Zealand, the U.S., Europe, and Argentina, plus a rebound in China’s output. 黄油价格暴跌12.4%,全奶粉价格下跌2.4%,切达上涨7%。 Butter prices plunged 12.4%, while whole milk powder declined 2.4%, and cheddar rose 7%. 需求疲软,特别是中国和中东的需求疲软,供过于求给市场带来压力,Fonterra将2025-26年的牛奶价格预测降至每公斤9.50美元。 Weak demand, especially from China and the Middle East, and oversupply are pressuring markets, with Fonterra lowering its 2025-26 milk price forecast to $9.50 per kgMS. 分析人员预计到2026年初前不会得到多少缓解。 Analysts expect little relief until early 2026.