MD DA410 BUTTER - NORTHEAST
MADISON, WI. March 13, 2013 (Report 11)
The butter price on the CME Group held steady Tuesday and closed at $1.6300.
Recent price increases, 6 in the last 8 sessions for a total net gain of 8
cents, have not prompted an increase in trading with only 2 loads changing
hands during the same period. Domestic demand has increased ahead of the
Easter/Passover holidays, prompting some increases in butter production.
Current production is primarily focused on filling domestic market needs.
Orders for butter are very good and working most inventories lower. Export
demand remains fairly good, but has declined in volume lately, causing some
butter makers to lower their bulk price. Current bulk butter prices have
declined on the upper end of the range and are 4-8 cents over the market on
the CME Group with various time frames and averages used.
2013 U.S. Butter and Milkfat Exports, (USDA-FAS)
Total, Jan 9.5 + 44
1 Saudi Arabia 5.2 + 71
2 Iran 2.3 + 103
3 Bahamas 0.4 -
4 Egypt 0.3 - 4
5 Morocco 0.2 - 25