RISING BUTTER PRICES

Dominion, Volume 28, Issue 111, 4 February 1935, Page 9

RISING BUTTER PRICES

British Market Continues to Improve EGG VALUES NO BETTER By Telegraph.—Press Ason.—Copyright. (Received February 3, 6.30 p.m.) London, February 3. The butter trade continues to improve and prices have steadily hardened until to-day choicest salted New Zealand is fetching 92/- a cwt. and Australian 90/-, which is 15/- higher than at the beginning of January and 20/- higher than at the beginning of December. Several causes have contributed to this satisfactory state of affairs. The first is tiie continuance of the strong consumptive demand which resulted in a reduction of cold-stored stocks to about 400,000 boxes, or, roughly, about one week’s consumption. Another “bull” factor in the market is that New Zealand is shipping considerable quantities to the United States, which has also been buying here, and then there is news of a severe drought in New Zealand with a consequent heavy reduction of butter production, so importers are taking a very firm attitude. The higher values will cause retailers to advance prices by a penny or two pence a pound, but this is not expected to mean any serious reduction in consumption. The egg market is still depressed. The brief cold snap gave hope of some improvement, but spring-like weather quickly returned and prices remain at the recent low level, Australians ranging from 7/3 to 9/-, according to weight. ■'