NorthEast Butter

9/21/2013 3:00 PM

MADISON, WI. September 18, 2013 (Report 38)
Cream supplies have significantly tightened this week, limiting butter
production. The tight cream supplies are a result of improved cream demand
in combination with lower seasonal milk/cream production and butterfat
levels. Some butter makers are seeking additional loads of cream with
little success. Others are microfixing supplies to fill orders and, as a
result, inventories are being worked lower. Domestic demand for butter
continues to be good as retailers expand inventories ahead of the fall and
holiday seasons. Butter supplies are relatively tight internationally,
prompting increased export orders. Cooperatives Working Together (CWT) has
accepted requests for export assistance to sell 3.123 million pounds (1,417
metric tons) of butter. The product will be delivered September through
March 2014. Current bulk butter prices for domestic sales are reported 4-6
cents over the market on the CME Group with various time frames and averages
used. Bulk butter prices for export are considerably above the domestic
market. According to the National Dairy Retail Report, retail butter ads in
the Northeast totaled 709, 22% of the total national ad count of 3,160. The
weighted average price for a 1 lb. package of butter in the Northeast was
$2.72, 5 cents higher than the national weighted average price, but 46 cents
lower than the previous reporting period. Activity on the CME Group
increased Tuesday with 20 loads sold as the market held steady at $1.5200.

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