PRODUCE REPORT.

Hokitika Guardian, 13 May 1924, Page 4

PRODUCE REPORT.

Butter.—Values made a rapid advance between 16th April and 2nd May. Tins sudden firming was caused firstly by heavy German buying of Danish, which enabled the Danes to again jump up their quotations for the United Kingdom. This rise in Danish was immediately followed by speculative buying of Colonial butter, and prices were further firmed by the fact j that considerable quantities of New Zealand and Australian butler were being held otr the market. The market, however, is much slower at the advanced prices and spot quotations have eased a little. The fact that a large quantity of butler is being held in store must have a depressing effect and in our opinion, we must look for a further decline in prices and a lower level of quotations for the next few months. The immediate future depends chiefly <u* the climatic conditions in the Northern Hemisphere, and should there be a late season, it is possible that the surplus of Southern supplies may he cleared before the Northern flush 1 incl.— its wav to the United Kingdom markets. thus saving the market, lint you must realise that this is purely a gamble on the weather. Forward.—There lias been some forward enquiry for May-June-July shipments at from sixteen pence to sixteen pence halfpenny, f.0.1i., but forward buyers are not by any means active at these prices. Cheese.—Quotations have shown a lliictiiation at from “Is to cc s, and the position is much the same as it was this time last month. At the end of \nril there was a considerable advance and for a few days quotations fan up t > f)2s. but have again eased. There L still about 10.000 tons of New Zea hini! cliee-e being held off the market, and this alone'w ill, we think, prevent any great tinning for some time to come. New Season's Canadian and English farmers' cheese will shortly lie coming into competition with New Zealand, so Hint possibly lower prices will have to lie aeeepled.