DAIRY PRODUCE

Hokitika Guardian, 20 July 1931, Page 6

DAIRY PRODUCE

Messrs A. H. Turnbull and Co. Ltd Christchurch report on July 1/th:—•

BUTTER

Since our last report, London prices have gradually receded, and .N.Z. salted lias fallen from 114 s 6d on the Ist. June to 108 s 6d on the 26th of that month. This continued decline is accounted for by the constant offerings of cheap Continental butters and even this was .accentuated by the agitation and partial boycott in the United Kingdom against Siberian butters, thereby forcing sellers to reduce their prices to make a clearance. This brought Siberian butters down to as low as 93s and 94s and, naturally, had an effect, upon tire general butter market. Messrs W. Weddell and Co. Ltd. state that we are not past the flush of the Northern Hemisphere season and already prices are beginning to respond to the lighter offering, and for the first two weeks'in this month, salted butter has increased by os to 6s per cwt., with a firm market, and our principals cable that they expect a steady market for some time to come. Turning, to the gradings wc find that for the month of June there is a considerable increase in manufacture, accounted for by the fact that a, great many of the larger dual factories have turned their whole attention to butter during the past month and the gradings for June of his year amount to 1433 tons, as against 987 tons for the same month last year." Further, we have in store some 2400 tons more than we had at the end of June, 1930. Tim demand in the U.K., however, has been quite good and we do not anticipate any difficulty in marketing the additional quantity on hand without disturbing values. There has been no active forward buying although some individual sales have been reported at 12-gd for July-August shipment.

CHEESE

Decline in gradings of N.Z. cheese, together with unfavourable weather conditions in Canada has had a favourable effect upon the market and unlike butter, cheese values have steadily climbed throughout the past five weeks. Warmer weather in the U.K.. has further assisted by way of consumption. The market now remains firm and still advancing, latest quotations being 58s to GOs for white cheese and 61s to 62s for coloured. It is pleasing also, to note that N.Z. quotations are now equal, or better, than new season’s Canadian. Gradings foi June are a little more than Half of the manufacture for the same month last year hut the manufacture for eleven months to the end ot June still shows an increase on the past season. The quantity in .store is slightly less than last veai' but shipments from now on will he spread in order to cover., the period between seasons, so that shipments should be lighter than last yeai and give every opportunity to the London sellers to dispose of stocks in the lI.K. The market is firm and should show further improvemi’t. During the past fortnight, there has been considerable forward buying. Prices opened at 5 9-lGths. and rose steadily to 6d nett fob. for unshipped cheese and 5-Jd for a,floats but the probability is that those factories adhering to a consignment policy will realise better prices.