NorthEast Butter

12/1/2012 3:00 PM

MADISON, WI. November 28, 2012 (Report 48)
The CME Group butter price declined $0.0075 Tuesday and closed at $1.6725.
Butter prices have declined in each of the last 7 trading sessions, totaling
a net decline of $0.2175. Cream supplies were very heavy over the holiday
period with some churns operating at near capacity levels. Demand for
butter remains good as holiday sales continue strong and are expected to
remain strong for the next 2 weeks. Most butter inventories saw significant
declines prior to the Thanksgiving holiday and are now being maintained at
their current levels or marginally increasing. Recent declines in butter
prices have sparked some renewed export interest. Filling domestic orders
is a priority, but some export orders are being filled when supplies allow.
According to the latest NASS Cold Storage report, butter in storage on
October31, totaled 145.0 million pounds, 50.8 million pounds less (-26%)
than the prior month stocks, but 14.3 million pounds more (+11%) than
October 2011 stocks. Current bulk butter prices range from 4-8 cents over
the market based on the CME Group with various time frames and averages


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