DAIRY PRODUCE

Waipa Post, Volume 49, Issue 3556, 11 December 1934, Page 3

DAIRY PRODUCE

NEW ZEALAND BUTTER AND CHEESE. ON THE HOME MARKET. ■ Reviewing the prices for New Zealand butter and cheese on .the Home market since November Ist, the well known Wellington firm of A. H. Turnbull and Co.,Ltd., write as follows: Butter: The market firmed at the beginning of November, owing to Germany buying increased quantities of Continental butters, and also due to the fact that the Australian Dairy Board decided to limit their ship, meats from the middle of November to 2.5Q0 tons weekly. Messrs W. Weddell and Co., Ltd., cabling us on the 6th December, state that the trade as a whole W a s surprised that this advance not maintained, as consumption continued good and spot stocks in London have been steadily reduced through the month. They gdvise us thftt the statistical position tp the end 0$ January te satisfactory. According to the imperial Economic Committee, the stocks in London were reduced during the fortnight ending the ?Bith November by 3590 tqnß, as agaißts a reduction over the same fortnight last year of 2488 tons- The stocks, however, as at the Ist December, were 18,350 tons as against 11,590 tons. The New Zealand arrivals in December and January will be considerably less than last year, and provided th& consumption continues, the stock position should be greatly improved during the month. Messrs W. Weddel and Co., Ltd., also advise us that the German demand for Continental butters is continuing.

Forward buyers: During the month fair quantities ot butter have been sold forward for December and January shipment at round about 8 5-8 d to B:id per lb f.0.b., but during the past week there has been very little forward business, and buyers seem to have practically retired from the market. Our principals advise us that fprward buyers are somewhat doubtful as to whether -the Australian restrictions on shipments will continue, and are consequently -nervous of operating forward. It is already reported that tho Australians have decided to increase their weekly shipments to 3000 tons per week, but even so, the quantities of butter in view for consumption during December and January are not excessive. . Cheese: The cheese "market has followed butter, and has shown a drop :of almost 10s over the month. Messrs W. Weddel and Co., Ltd., cable us that colonial stocks continue to increase, and that the demand for cheese is confined to immediate requirements. However, they anticipate a steadier market.

There has been no interest whatever shown by fprward buyers, and until spot stocks are reduced, we do not anticipate any forward activity in cheese. Jiowever, with an expected improvement in consumption, the stocks in London should be consider* ably reduced during the next six weeks,