NorthEast Butter

11/15/2012 3:00 PM

MD_DA410
DA
MD DA410 BUTTER - NORTHEAST
MADISON, WI. November 14, 2012 (Report 46)
NORTHEAST BUTTER
The CME Group butter price was unchanged Tuesday and closed at $1.8900. The
butter price has fluctuated in a range of $1.8700-$1.8975 over the last 12
trading sessions in fairly active trading with 29 loads transacted. Churns
are operating at steady to slightly reduced schedules as demand for cream
has improved from holiday cream based product manufacturers. Demand for
butter is very good as manufacturers continue to fill holiday orders. Most
inventories are being worked lower. The Foreign Agricultural Service report
shows January-September 2011 exports of butter total 83.8 million pounds, a
29% decrease compared to the same period last year. Export loads continue
out of the port of New York, but at a slow pace, due to harbor debris and
recovery efforts following the recent storms. Cooperatives Working Together
(CWT) has accepted requests for export assistance to sell 5.463 million
pounds (2478 metric tons) of butter. The product will be delivered November
2012 through May 2013. During 2012, CWT has assisted member cooperatives in
making export sales of butter totaling 66.7 million pounds and anhydrous
milk fat totaling 127,868 pounds. FAS import data revealed that high tier
and quota butter totaled 2.986 million pounds in October. This was the
highest monthly total for 2012 and is a 130% increase, compared to October
2011. New Zealand leads all imports with 1.6 million pounds. Current bulk
butter prices range from 4-8 cents over the market based on the CME Group
with various time frames and averages used.

2012 U.S. Butter and Milkfat Exports, (USDA-FAS)

(Million Lb.) % Change From
1 Year Ago

Sep. Total 4.2 - 28
Total, Jan - Sep. 83.8 - 29
1 Saudi Arabia 28.6 + 34
2 Iran 11.5 + 192
3 Morocco 7.4 - 7
4 Egypt 6.8 - 8
5 Canada 2.8 - 74

2012 U.S. Butter Imports (USDA-FAS)
(Million Lb.) % Change From % of
1 Year Ago Yearly Quota
Oct Quota Imports 2.89 + 176.4 18.8
Jan. - Oct.
High Tier .29 - 57.8 N.A.
Quota Imports 9.12 + 40.7 59.3
1100C rick.whipp@ams.usda.gov


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11/25/2014 | Last Updated: 6:45 PM