DAIRY PRODUCE MARKET

Hawera Star, Volume LI, 11 June 1932, Page 4

DAIRY PRODUCE MARKET

butter and cheese review SHARP DECLINE IN VALUES BOTH MARKETS INACTIVE. Butter Quotations — This week: ©5/-, 96/-; slow. Last week: 98/-, «>/-! steady. Last year: 110/-, 112/-. ' Cheese Quotations— This week: White and coloured, 04/-; quiet. 1 Last week: White, 56/-; coloured, 57/-; easier. Last_ year? White, 54/-; coloured, 1 The butter market has experienced a > further set-back and “ * than last week’s reports. There is a l complete absence of activity m all * phases of the business. The f.o.h. value * on to-day’s quotations is approximately > 9fd and it is doubtful if any bid could be obtained to-day. The average Lon--1 don retail prices remain unaltered watn - New Zealand at 1/- per lb, and Danish ! at 1/1 per lb. _ , . The Empire Marketing Board report » that at the end of May the estimated 3 stocks of all butters was 517, 805 boxes 3 as against 558,242 boxes at the same r date last year. i The Dairy (Board report .that af- ’ though the total production of Danish 7 butter is still slightly down as comparer with last year, 90 per cent, is coming * to the United Kingdom owing to continental restrictions. The imports of ‘ Danish butter for the last fortnight are 6200 tons. 7 CHEESE.

This has been a most disappointing week for cheese exporters. To-day’s reports show the market to be 2/- to 3/- lower than last week and the market to be quiet. To-day’s prices are slightly behind quotations for the same week last year and the continued easing in prices is most disturbing to producers. At the earlier part of the decline in prices most factories reduced their ideas of the average season’s returns to about CO/-. While it is hard to get an accurate estimate, it is esti-, mated that the average return to date ’ would be between 58/- .to 59/-, but with the arrivals heavy, future returns from such a market as is now being experienced will materially lower the season’s average. Balance sheets will shortly be making their appearance and factories which close their season at May 31 will have some difficulty in placing a satisfactory valuation on their unsold goods. At present spot prices the f.o.b. value of cheese would be about 5Jd, but there is no indication of interest in forward contracts by any buyers, even at low figures. The average London retail price of cheese remains at ®d per lb. The reported stocks at June 3 are 98,296 crates as against 188,554 crates.

Most cheese factories have finished manufacturing cheese for the season) but it will be some time before shipments are completed.

REPORT FROM CANADA

The dairy produce officer of the New Zealand Loan and Mercantile Agency Go., Ltd. (Mr. A. F. Turnbull) has received a report from Canada stating that stocks of butter were very low in Montreal at the end of May and that Manitoba receipts were light, due to lack of feed, with no grass up to .that date. The weather was very backward. It was not expected that lower prices would rule in the near future, nor that Canadian prices would go down to the level of the present export values which, in their opinion, would be prohibitive. “We would not be surprised,” adds "the report, “to see the market remain steady and probably advance somewhat in June.”

LONDON QUOTATIONS. Mr. S. A. Chisholm, Hawera, has to-day received, the following cabled market report from Henry A.. Lane and Co., Ltd., London: N.Z. butter 95s to 965; slow market. New Zealand cheese, white and coloured 545; market easier.