DAIRY PRODUCE.

Manawatu Standard, Volume LVIII, Issue 77, 28 February 1938, Page 4

DAIRY PRODUCE.

butter Market trends. DIFFICULT TO FOLLOW. LONDON. Feb. 26. The position _of the butter market remains rattier difficult to follow. After the rise at the bop-inning of the week, business petered out, though there is still plenty ol optimism about tho immediate future. There is no reason to expect any big break in the market, though many operators would be happier if price levels were slightly lower, say, around 110 s to 112 s a cwt. There has been some inquiry from Canada for New Zealand butter. After a mid-week rise to 116 s per cwt., which proved to be Of a temporary nature, the price of New Zealand butter fell last Thursday on the London market with ruling rates now on a par with the previous week’s levels. Choicest salted Now Zealand was selling at 113 s, a decline of 3s since Tuesday. Australian has also cased, and is now selling Is lower than Now Zealand at 112 s. Dahi6h remains unchanged. With the current London quotation still la above tho equivalent of the guaranteed price, values remain well in advance of those ruling last year when the price was 88s 6d por cwt. The decline in cheese seems to have been temporarily arrested, and tho market is quiet. A Presb Association message sent from London on Thursday stated that butter was steady. Danish was quoted at 127 s per cwt.; choicest salted Now Zealand, 113 s; Australian, 112 s; unsalted New Zealand, 116 s; Australian, 115 s. Cheese Was quiet. New Zealand, white, 675; coloured, 67s 6d; Australian, white, 65s to 65s 6d;' coloured, 665. Tho basic rates fixed under the Now Zealand guaranteed price scheme, subject to quality differentials, are 123 s ,8d for butter and 70s 4£d for cheese, per cwt., f.0.b., New Zealand currency. The .equivalent landed price for butter in London is 112 s and for eh6ese 675. The guaranteed price lor butter is equal to 13.25 d per lb, f.0.b., and the current London quotation is equal to 13.41 d, New Zealand ports. ThO equivalent prieo for cheese is arouiid 7.62 d per lb; f.0.b., compared with the guaranteed price of 7.54 d.