DAIRY PRODUCE MARKETS.

Auckland Star, Volume LXI, Issue 122, 26 May 1930, Page 4

DAIRY PRODUCE MARKETS.

AMALGAMATED'S REVIEW. ' HEAVY STOCKS TO SHIFT. In hie monthly review of tbe dairy produce markets, dated May 17, Mr. Wm. Goodfellow, managing director of Amalgamated Dairies, Ltd., reports a better London market during the period under review, although at time of writing prices were suffering from a determined "bear" movement. During the last week in April, says the report, Mr. J. B. Wright, the company's London mauager, considered that the market would respond to an advance in prices, and quick action saw quotations move up to 140/ for finest. A number of speculators who had sold short had to operate quickly to cover their commitments at a considerable loss. As soon aa this demand was satisfied the 'bearing movement recommenced, and assisted by some cheap re-sales and the anxiety of the Danes to keep their stocks cleared the market moved back until, on May 10, New Zealand finest was quoted at 132/. The company stated that stocks of New Zealand butter had not been moving very fast, although the average weekly deliveries were about the same as for the corresponding period last year. A reduction of the retail price from 1/6 to 1/4 apparently did not increase sales. A decline of 150 tons weekly on the previous four weeks was shown by the returns, but this was probably accounted for by the lower prices ruling for Danish butter, which was selling on a par with the company's finest. A survey of the stock figures indicated that in the ordinary course the arrivals at United Kingdom ports of this season's New Zealand butter from June to September would amount to just on 15,000 tons. Last year the quantity arriving during these months totalled 11,000 tons, indicating an increase of 4000 tons this season. Actually, the quantity available on May 1 alone was 14,500. Canada's Portion. It was apparent, however, that Canada would absorb large quantities before the new duties came into operation. The May-June steamer for Halifax was scheduled to load nearly 70,000 boxes, while the last June loading would probably exceed this shipment. Continuing, the company stated that if Canada took this quantity the London market should have no difficulty in absorbing the balance of the New Zealand output, and the new season's make was not therefore likely to be embarrassed by a heavy carry-over. The average weekly delivery for AprilMay was 1279 tons, as against 1425 for the corresponding months last year. F.o.b. sales had been limited to Canada, and a number of factories had sold at 1/I V*. to 1/1%. Fortunately, others were holding firmer at 1/2 J ,£ for. finest, which price, in the .opinion of Amalgamated Dairies, should be the minimum for the balance of the season's make.

The measure to restrict butter blending had failed to pass the British House of Commons, but the publicity given to the practice could not help but react favourably for non-blended packeted butters of Empire origin, such as the company handled, the sales of -which contiuucd to increase to a gratifying degree. Cheese is Better. Referring to the cheese market, the company stated that a recovery had been made in line with the statistical position, and prices were again on a par with those ruling this time 'last year. The position had been assisted by the fact that arrivals had been cleared quickly. The market was likely to remain firm until the balance of the season's make had been disposed of. THE BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London office, dated May 23:— Butter—New Zealand: Salted, 127/ to 130/; unsalted, 138/ to 146/; first whey, 120/; second whey, 116/. Deliveries New Zealand this week, 875 tons; in store, 10,000 tons. Australian: Salted, 125/ to 128/. Argentine: Unsalted, 120/ up to 128/. Irish Cream: Salted, 124/; unsalted, 128/. Danish: F.0.b., 125/; spot, 132/. Dutch: Unsalted, 120/ to 130/. Estonian: 124/ to 126/. Latvian: 124/ to 125/. Siberian: 122/. Polish: 112/ to 120/. Market quiet. Retail prices unchanged. The Marketing Board's estimated stocks of all butters at May 17 was 905,067 boxes. Cheese.—New Zealand: White, 80/ to 81/;; coloured, 86/ to 87/. Deliveries New Zealand this week, 16,975 crates; in store, 131,368 crates. Australian: White, 79/; coloured, 83/. Canadian: White, 102/ to 105/; coloured, 100/ to 104/; c.i.f., new season's cheese, 82/. Mai-ket slow. Retail prices unchanged. The board has also received the following advice from its agents in Canada:— Butter: New York, 34 cents (1/5); Montreal, 29 cents (1/2%). Messrs. Leonard and Son have received advice by cable from Mr. A. C. Rowson, London, dated May 23, of the following ; market report:— Cheese.—New Zealand, white. 79/; coloured, 85/. The market is weak, and the demand very slow. Outlook, near bottom. Butter.—New Zealand, first grade, 126/; finest, 128/. The demand is very slow, and the market steady. Outlook, uncertain. Messrs. Joseph Nathan and Co. have received the following cable from their London principals, Messrs. Nathan and Trengrouse, dated May 24, as follow: — Cheese.—White, 78/ per cwt; coloured, 84/. Market weak. Amalgamated Dairies have to-day received the following market report from. their London office:— I

• Butter. —Our official prices unchanged (Anchor, 132/). Danish, 132/ spot; 125/ f.o.b. Deliveries New Zealand. 874 tons; stock, 10,020 tons. Retails unchanged.

Cheese.—White, 80/; coloured, 85/ to 86/. Market still quiet. Canadian, c.i.f., 83/ coloured. No white.on offer. Retail unchanged.