BUTTER WEAKENING

New Zealand Herald, Volume LXXV, Issue 23052, 1 June 1938, Page 9

BUTTER WEAKENING

ABSENCE OF BUSINESS GOOD RAINS IN EUROPE CHANGED MARKET OUTLOOK The absence of business in butter on the London market is gradually forcing; prices to lower levels. Since the midseason peak was reached at 134s per cwt. about May 13, the market * for Xew Zealand butter has declined rapidly to around. 12ls 6cl per cwt. I'his is equivalent tu around i4.94d per lb. f.0.b., against nearly 16.2 d per lb. f.o.b. at the higher quotation. The outlook in the market has been completely changed by improved production conditions in Europe. It is reported that steady rains about, 10 days ago relieved the drought in the United Kingdom and 011 the. Continent. Stocks of all butters in store at the close of last week were estimated by the Imperial Economic Committee at HDD.7O9 boxes. This compares with 720,31(5 boxes held in store at the same date last year, and is an increase ef 179.393 boxes. Meantime, the retail prices of both Xew Zealand and Danish butters remain unchanged at Is 4d per lb., although with the decline in wholesale prices an early reduction is to be expected. By arrangement with the Primary Products Marketing Department, the ■ Xew Zealand Dairy Board supplies the following information for the week ended May 28, figures for the previous week being given in parentheses:— Butter.— Xew Zealand: Salted, 12Is to 125s (,129s to 130sJ; unsalted, 127s to 128s (131s to 1325). Deliveries: Xew Zealand, 1184 tons (last year, 2235 tons); in store, 5030 tons (last year. 7215 tons). Australian: Salted, 121s to 122s (1265); unsalted, 124s (128s). Deliveries: Australian, 1067 tons (last year, 1411 tons); in store. 4921 tons (last year, 5748 tons). Argentine: Unsalted, 124s to 1295. Danish: 105s f.0.b., 126s spot. (108s, 130s). Dutch: Unsalted, 117s to 118s, ex. 12U (1235). The market continues slow, and prices have further declined. Retail prices are unchanged, Xew Zealand, Is 4d; Danish, 1« 4d. Cheese. —Xew Zealand: White, 703 (71s to 71s 6d); coloured.' 70s. ex. /Os 6(1 (71s to 71s 6(1). Deliveries: Xew Zealand, 14,298 crates (last year, 21.504 crates); in stores, 64.708 crates (last year, 94,835 crates). The market is quiet. Xew Zealand retail price, unchanged. 9d. Australian: White, 66s 6d to 68s (07s 6d to 70s); coloured, 66s 6d to 68s (67s to 09s 6d). Canadian: White, 77s to 79s (77s to 78s); coloured. 77s to 79s (77s to 795). Deliveries: Canadian, 4336 boxes (last year, 42<S boxes); in store, 67,458 boxes (last year. 55.373 boxes). The is steady. English factory cheese, 70a (68s to 70t>J. The market is quiet. AUSTRALIAN RAINS BENEFIT TO PRODUCTION According to advice received by the Australian Dairy Board last week; light rains had fallen over the south coast of Queensland, and production was steady. Further rain vtsls needed for green fodder crops. In South. Wales the middle rivers and far north coast areas had" useful rainfalls, butt output continued to decline. The weather in South Australia v\as fa\ourable lo production, which showed an increase. Excellent, rajns had fallen in. Western Australia, and output was increasing. In lasmania production wats maintained. BOBBY CALF TRADE FEDERATION OF POOLS FORMATION AT MORRINSVILLE f I'HOM OUB OWN correspondent] MORRINSVILLE, Tuesday A federation of bobbv . calf pooli operating in the Piako County and adjoining districts was formed at a meetin"- of delegates at Morrinsville this week. Mr. It. A. Candy, of Ngarua, presided. ; ;. • The following pools have joined "the federation: —Springdale-Elstow, Kere-one-Kiwitahi. Tahuna, Ngarua, Walton, Manawaru-Waihou and Motumaoho. The Tauhei pool delegates also attended the meeting, but had 110 authority from their members to join. The election of officers resulted as follows: —Secretary, Mr. IE B. Westwater; executive, Messrs. Pi. A. Candy (Ngarua), A. E. Mikklesen and J. T. Finnegan (Mariawarn-Waihou), E. Palmer and A. H. Coombe (Spring-dale-Elstow), S. A. Ferguson (Motumaoho), F. C. Kennedy (KereoneKiwitahi), G. IE White (Tahuna) and •J. W. Attwood (WaltonE The pools will commence operations in a few weeks' time. BRADFORD MARKET LONDON, May 30 The Bradford market is quiet but prices are firm.