NorthEast Butter

7/4/2013 3:00 PM

MADISON, WI. July 03, 2013 (Report 27)
The CME Group butter price increased $0.0225 Tuesday to close at $1.5000.
Butter prices have increased $0.0725 in the last 2 trading sessions with 8
loads sold. Larger cream volumes are headed to churns as a number cream-
based manufacturers are shutting down for all/or portions of the holiday
week. The increases in butter production are adding to most manufacturers'
bulk inventories. Declining butterfat levels in off farm milk combined with
increased cream demand beyond the holiday week maybe an indication that
butter production will decline in the near term. Current demand interest is
focused on exports as US prices are significantly below European levels. In
response to the US/European butter price differential, some manufacturers
are focusing on 82% production. Domestic demand is at expected levels for
this time of year. Cooperatives Working Together (CWT) has accepted
requests for export assistance to sell 665,796 pounds (302 metric tons) of
butter. The product will be delivered July through December 2013. During
2013, CWT has assisted member cooperatives in making export sales of butter
totaling 52.393 million pounds. Current bulk butter prices for this week
are 4-6 cents over the market on the CME Group with various time frames and
averages used.

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