PRODUCE PRICES

Hokitika Guardian, 13 July 1928, Page 3

PRODUCE PRICES

The following are the top London quotations for the past week: Danish butter, June Btli. 1725, (July 6th. 1765); New Zealand unsalted butter, 176 s (186 s); N.Z. salted butter, 172 s (178 s). Cheese, white and coloured, 100 s (108 s). BUTTER. The above shows a steady improvement in prices throughout the month, although the increase Ims not been as rapid as many predicted. Messrs W. Weddel and Co. Ltd. cable that the strength of the market lies in the strong statistical position and the fact that large operators have been buying stocks to protect them against a possible shortage during the northern autumn, owing to the short stocks of New Zealand to arrive. A further factor has been the backward spring in northern Europe, resulting in a very considerable decrease in arrivals to date of Continental and Siberian butter, as compared with last year. Weather conditions are now reported as more favourable, and consequently some easing off of demand on the part of large buyers has been experienced. For forward delivery, new season’s sales have been made as high as Is 5Jd nett, f.o.b. but here again, the immediate demand of forward buyers has been filled and business is only possi'ble at reduced prices, present indications being in the vicinity of Is 5d nett f.o.b. for finest, Id per lb. less for firsts.

CHEESE. Cheece, like butter, stands in a strong position. Retail prices have been increased to 13d per pound, and wholesale rates advanced accordingly. Cold weather was reported as retarding consumption but with the warm weather of mid-summer this should now 'be overcome and it is expected that supplies will be short until the arrival of new season’s Canadian make. This is now offering at 103 s to 104 s c.i.f, but with little forward buying. We are of opinion that the market will remain steady, hut with a slightly lowler 'tendency meantime. A very good indication for new season’s make is given by the rate of advances authorised for August grading, being Is fill butter, and lOd cheese, f.o.b. It must, however, be. remembered that these are purposely made on a very liberal basis, to assist factories at the commencement of the season, and must not be taken too literally, as prospective values.