PRODUCE PRICES

Hokitika Guardian, 10 August 1929, Page 2

PRODUCE PRICES

BUTTER. Prices of New Zealand salted butter have shown very little change during the past five weeks. On the other hand, Danish has shown a distinct decline of fully 4s per cwt. Some heavy selling took place to London buyers early last month, presumably for Canada but orders were quickly filled and buyers then retired. During the present week, however, a renewal of ff.o.b. selling on a. much smaller, scale has taken place, 'on the basis of Is 4£d per pound, nett f.0.b., which price, however, is fully' }d above present London spot parity. It is difficult to forecast the present trend of the London market which usually, at this period of the year, shows a fairly Vapid rise in spot values. Acting against that, however, is the large increase in New ‘Zealand Gradings for the past dairy season, the heavy stocks of butter held in the United Kingdom which to-day amount to some 17,383 tons, as against 14,500 tons this time last year.

CHEESE. Prices of New Zealand have been slowly declining throughout the past month, owing principally to the heavy stocks of both New Zealand and Canadian cheese available and the fact that the Canadian new'season is offering at low prices, c.i.f.e., London. Messrs W Weddel and Co. Ltd., cable that best Canadian is now offering at 85s per cwt. c.i.f.e., United Kingdom, which is having the effect of making forward buyers nervous and in consequence, the customary buying orders which are usually available at this period of the year, are not forthcoming, buyers preferring to await arrivals before filling their requirements under the present circumstances.

The only indication of f.o.b. values received has been on the basis of 8d per lb. f.ob. at which price our Principals recommend factories to consign. As with butter, the stocks available in the United Kingdom are very much heavier than last year, being 123,3000 crates New Zealand and Australian as against 68,500 last year. Moreover, stocks in Zealand at the end of July were also greatly in excess of last year’s.