DAIRY PRODUCE

Hokitika Guardian, 19 October 1929, Page 8

DAIRY PRODUCE

MONTHLY REVIEW. butter. New Zealand salted butter has shewn a slow but steady rise, quotation starting at 180 s and rising to 184 s per cwt. The stocks of butter in London have been reduced to 5,70') tons, being a reduction of abont 2,000 tons for the month and with comparatively small arrivals of New Zealand butter reaching the market during October and November, the butter position seems to be fairly sound in the meantime, with a firm tone in the spot market. Danish quotations have risen more rapidly than New Zealand and the margin of difference between quotations for New Zealand salted and Danish is widening, as is usual at this time of the year. There has been considerable forward activity by buyers for shipment both to Canada and tho United Kingdom. The chief interest has been shewn in prompt shipment and as high as Is sfd has been paid for steamers sailing ifrom New Zealand during the first half of October. Buyers generally, however, are shewing less interest in butter to be shipped during November, December and onwards. Messrs W. Weddel and Co. Ltd., cable that the recent steady rise has been brought about by the small arrivals from New Zealand, Australia and the Argentine which has necessitated heavy withdrawals from spot stocks and further by the Jate season and limited production in both Australia and New Zealand. They expect some further improvement, owing to the reduced shipments afloat as compared with last year, whilst there is a good retail demand and the Continental position remains firm. CHEESE.

The market has remained steady and quotations from 93s to 96s must bo considered 'satisfactory, considering the heavy stocks of New Zealand and Canadian cheese still available in the United Kingdom. The grading figures for the month show that there has been a considerable decrease'in cheese production for September this year, compared with last seasorn, equal to 20.76 per cent, but the quantities of cheese manufactured in September are comparatively small at any time, and will probably not haVe very much influence on the London market. There has been some forward activity and sales to the. end of December have been made at B|d and up to B|d nett f.o.b. but buyers are by no means active and in most cases; the sales that have been made have been on behalf of smaller cheese factories.

It is interesting to note that buyers are still showing a distinct preference for full cream cheese and in many cases have stipulated for this make although in some instances, sales of standardised cheese have been made but mostly at a slight reduction bn the price that buyers have been prepared to pay for full cream. The Canadian make has been considerably reduced on account of unfavourable weather conditions and accounts for recent increase in values of spot stocks but sales are not very restricted and although s a steady market is now looked for, there is the possibility of slightly lower prices.