Stuff wrapped round last of wholesome dairy product (5)
I believe the answer is:
cream
'dairy product' is the definition.
(I know this)
'stuff wrapped round last of wholesome' is the wordplay.
'stuff' becomes 'cram' (synonyms).
'wrapped round' is an insertion indicator.
'last of' suggests the final letters.
The final letter of 'wholesome' is 'e'.
'cram' enclosing 'e' is 'CREAM'.
(Other definitions for cream that I've seen before include "Top or best part" , "Pick - fatty part of milk" , "Top of milk or society" , "best people" , "It rises to the top, the best" .)