The Butter and Cheese Market

Evening Star, Issue 19793, 17 February 1928, Page 2

The Butter and Cheese Market

FLUCTUATIONS DURING MONTH Messrs A. H. Turnbull and Co. (Christchurch) furnish the following report on the butter market during the month. The top London quotations Jan. 5. Jan. in. Jan. 20. Jan. 28. Feb. 4. Feb. 11.

Prom the above figures (says the report) it will bo seen that the butter market has fluctuated rather considerably during the month. The fact that such heavy shipments were afloat and the report of increased gradings in New Zealand and Australia had the effect of depressinc the market very considerary, an<T, although finest butter was sold at as low as 1525, speculators did not show any interest. The change was brought about bv the news of continued dry weather in “New Zealand, and the fact that stocks in the United King1

dom were very light, with anticipated serious decrease in February manufacture. These factors have caused an active demand, and the market has firmed rapidly, present quotations being from 162 sto 166 s for salted butter. The position is now strong, and we anticipate a good market throughout February. There has been a good demand for forward shipments during February and March, and buyers are prepared to pay as high as Is 4£d per lb (f.0.b.).

CHEESE.

Cheese prices fluctuated two or three shillings during the month, and there has been a steady demand, in spite of the fact of the very heavy shipments of cheese arriving and afloat. Messrs \V. iWcddel and Co., Ltd., cable that they anticipate a good market for cheese during February, and this is borne out by forward buyers operating freely at Bld (f.0.b.), equal to 93s on the market. We would draw your attention to the grading figures, which show that, Although there is a slight increase in

both butter and cheese for January gradings, this by no means compares with the increase in production during November _ and December. .Unless copious rain falls very soon in the dairying districts, it is apparent that our February gradings will be very much lower, and our production from now on will probably fall far below ast season’s figures. Most interesting, however, are the figures showing the stocks of butter and cheese in New Zealand as at January 31, compared with last season:—

s. 8. 6. 8. 8. 8. Danish butter 184 176 174 172 180 184 'N.Z. unsalted 168 162 160 160 168 170 N.Z. salted ... ... 164 158 154 159 164 166 N.Z. cheese, white 94 91 91 90 93 93 N.Z. cheese, colored 94 91 91 90 93 93

GRADINGS (In Tons). 192G. 1927. 1928. Butter graded during January 8,600 10,058 10,368 Butter graded 6 months ending Jan. 31 41,350 45,673 51,856 Butter in store January 31 9,050 12.500 5,388 Cheese graded during January 10,400 10j)73 11,423 Cheese graded 6 months ending Jan. 31 43,850 44,812 46,582 Cheese in store January 31 9,400 12,000 7,997