NorthEast Butter

8/21/2013 3:00 PM

MADISON, WI. August 21, 2013 (Report 34)
The CME Group butter price held steady Tuesday and closed at $1.3600.
Butter prices have been on a downward trend and have not seen an increase
over the last 12 trading sessions. During that period, the net decline in
the butter price has been 8 cents. Cream supplies remain heavy with
numerous loads struggling to find homes as maintenance projects keep some
churns offline. Butter production in the region remains slow, but has seen
some increase over last week. Demand for butter has increased as the
decline in the CME butter price has prompted some retailers and food service
businesses to expand their inventories. European butter prices remain
considerably above the US price, prompting continued export interest.
Cooperatives Working Together (CWT) has accepted requests for export
assistance to sell 1 million pounds (454 metric tons) of butter. The product
will be delivered August through January 2014. During 2013, CWT has
assisted member cooperatives in making export sales of butter totaling
64.947 million pounds. Current bulk butter prices for this week are
reported 2-4 cents over the market on the CME Group with various time frames
and averages used.
According to the National Dairy Retail Report, retail butter ads in the
Northeast totaled 1,746, 43% of the total national ad count of 4,060 the
highest of any region. The weighted average price for a 1 lb. package of
butter in the Northeast was $2.78, 2 cents lower than the national weighted
average price and 57 cents less than the previous reporting period.
2013 U.S. Butter Imports (USDA-FAS)
(Million Lb.) % Change From % of
1 Year Ago Yearly Quota
July Quota Imports 0.88 + 53.7 5.7
Jan. - July
High Tier .34 + 115.1 N.A.
Quota Imports 5.55 + 48.0 36.1

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