PROSPECTS FOR BUTTER

Sun (Auckland), Volume III, Issue 845, 13 December 1929, Page 10

PROSPECTS FOR BUTTER

LOWER PRICES EXPECTED I LACK OF CONFIDENCE A rather gloomy picture in respect to the near future of the overseas butter market is painted by Messrs. A. H. Turnbull and Company in a review released under date December 11, “The steady fall in values which commenced about the middle of October continued throughout November, closing quotations being from lC2s to 168 s, with quiet market, and it yet remains to be seen whether even the Christmas trade in the United Kingdom will stop the downward movement which has almost become a slump,” states the review. “Messrs. W. Weddel and Co., Ltd., cable that there is a distinct lack of confidence and new season’s finest grade New Zealand has freely been offered at 1665, and Australian ‘Kangaroo’ at 1645, while forward offers of Australian December shipment are being made at 154 s c.i.’f. Reported heavy production in Australia and New Zealand arid the fact that Germany proposes 1 o double the import-tax on butter from January 1, has added to the lack of confidence referred to and has caused buyers to restrict buying operations to their immediate requirements. In the meantime future prospects are not at all bright and still lower prices are to be expected. “The market for cheese lias been irregular, but the month closes about the same level as it opened. Supplies cf New Zealand cheese have been comparatively small, especially ol white cheese, which has resulted in a premium of 2s a cwt ever coloured. This will, no doubt, quickly disappear as heavier shipments become available. London reports a poor demand, and consequently expects slightly lower prices as stocks are increased. Messrs. W. Weddel and Co Ltd., also report that many of the arrivals today are immature and some buyers are consequently complaining of quality.”