BUTTER MARKET EASIER

Sun (Auckland), Volume II, Issue 485, 15 October 1928, Page 12

BUTTER MARKET EASIER

FURTHER DECLINE LIKELY An interesting: resume of English and Continental dairy produce markets is contained in the following report issued by A- H. Turnbull and Co., under date October 11: — “Quotations in London for New Zealand salted butter have remained steady throughout the past five weeks, but the tone of the market has changed from firm to quiet,’ states the report. “Owing to a dry and warm autumn, and consequent falling off of supplies in Continental countries, there has been more demand for Danish, with a resultant sharp rise to 200 s in London, but a subsequent reaction has reduced the quotation to 1965. “The market for Australian butter (Kangaroo brand), both salted and unsalted, has fallen rapidly, notwithstanding the rise in Danish and the wateiside strike in Australia. October shipment butters of £his brand are now offering c.i.f. at 154 s for salted and 166 s for unsalted. This, combined with the September gradings in New Zealand, which are appended, and show an increase in butter-fat production of 17.47 per cent., have had their immediate effect on the - New Zealand butter market, and forward selling has almost entirely ceased for the . time being.” ' Cabling this week, W. Weddel and Co., Ltd., refer to the present position as ! follows: “Colonial butter market featureless. Drop in Australian quotations for October shipment to 154 s c.i.f., causing spot buyers to operate only for their immediate requirements. Market appears more likely to decline than advance. “The cheese market continued steady and firm until the end of September, when the increased production in New Zealand, together with lower quotations from Canada somewhat weakened the market with a drop of Is a cwt. London advise that a further fall in prices may be expected during the present month, but that they hold a good opinion of the future and consider that prices should follow much the same course as last year, when the end of the season production benefited by the higher rates ruling.”