BUTTER MARKET

Northern Advocate, 12 August 1935, Page 2

BUTTER MARKET

POSITION IN ENGLAND —r CHEESE SALES IMPROVING. SOME INTERESTING FIGURES. C Special to “Nortnern Advocate.’’! AUCKLAND. This Day. Messrs A. H. Turnbull and Co., Ltd., report that the following are the London top quotations for butter and cheese for the month; —

The estimated arrivals in the United Kingdom during August, September and October, compared with actual arrivals in previous seasons:

Butter. Spot prices on the London market steadily improved throughout the month, closing with top quotations at 94/- for finest fresh landed butter, this being an advance of 5/- per cwt. since our last report. Cabling from London on August 6, Messrs W. Weddel and Co., Ltd., attribute this firming to the strong statistical position of stocks generally, and more particularly to the reduction in the quantity of New Zealand and Australian butter stored in the United Kingdom and afloat. In view of the report, it is interesting to note that on July 6, stocks of New Zealand and Australian butter in store in the United Kingdom amounted to some 15,167 tons. On August 3, this quantity had been reduced to 13,196 tons, whereas on August 3 last year the stocks amounted to 21,748 tons. Again, the Imperial Economic Commission estimated the total stocks of butter from all sources in store in the United Kingdom at the end of July at 31,400 tons, against 48,800 tons in store at the same time last year. Against this, it must be noted that arrivals of New Zealand butter during September will exceed last September’s arrivals by 4000 tons, and again some curtailment of consumption will result from the increase in the retail prices, now at 1/ per lb. Messrs Weddel and Co., Ltd., however, predict a firm and steady market throughout August. Forward Buying. Forward buyers have continued to show interest in butter for shipment during August, and in some cases for early September shipments, but are becoming more nervous with regard to ■later shipments, and at the -present time are not prepared to exceed lid per lb. f.o.b. for the finest grade, and are stipulating for shipment by vessels to arrive by the end of September. Production. Australian and New Zealand production is still quite normal, but we anticipate that the August gradings of butter will be somewhat greater than last year, owing to the fact that a considerable number of cheese factories with dual plants are continuing in butter throughout the month. Cheese. The cheese market has been dull and lifeless duxang the greater part of the month, but a definite firming, with better demand, took place during the last week of July, and has continued to date. Messrs Waddel ahd Co.. Ltd., cable that the improved inquiry for New Zealand cheese is due to the fact that the public are very dissatisfied with the poor quality of the home manufacture, and are again turning their attention to the New Zealand article. Stocks of New Zealand cheese in the United Kingdom have been reduced by approximately 3000 tons during the month, while the arrivals during August, September and October are estimated at 3000 tons less than last season. Messrs Weddel and Co. are of opinion that the market is more likely to advance than decline. Forward Business. There has been some activity for unshipped cheese to the end -of this season’s make at round about 5 l-8d I and in some cases as high as 5.',d has j been paid, but not a great deal of j business has been reported. ;

July 3 July 10 July 17 July 24 July 31 August ' New Zealand .. , 89/89/6 92/94/- ’ 94/Kangaroo 92/Danish . 109/Market Quiet Quiet Steady Firm Firm Steady Cheese: White . 45/44/6 43/45/6 46/Coloured . ;.. . 45/44/6 45/45/6 Market Quiet Poor Dull Quiet Firm Firm

N.Z. Butter (in tons). 1933 1934 1935 August . 11.288 6,860 7,500 September . 7.901 6,083 10,560 October . 7,593 10,463 10,000 26,782 23,460 28,060 N.Z. Cheese (in tons). 1933 1934 1935 August 5,522 7,124 4,900 September . 6,241 6,050 4,720 October . 3,507 5,077 5,480 15,270 18,251 12,100