DAIRY PRODUCE

Wanganui Chronicle, Volume 79, Issue 63, 14 March 1936, Page 15

DAIRY PRODUCE

BUTlxixv jyLAKiLEiT RATHER FIRMER NO FORWARD ACTIVITY Joseph Nathan and Company, Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated March 11: —New Zealand butter: Rather more business doing at 83s. Market closed at 84s. New Zealand cheese: White, 50s; coloured, 525. Market very quiet. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house, dated March 11: Dairy produce (last week’s quotations in parentheses):—Butter: New Zealand •choicest salted, 83s per cwt. (80s); market slightly steadier. Cheese: White, 50s pr cwt. (50s); coloured, 52s to 53s per cwt. (53s to 545). Market slow. Surveying the butter and cheese markets for the last few weeks, A. H. Turnbull and Co., Ltd., axlvise that the butter market has been disappointing throughout the whole month. They estimate that the consumption has declined about 5 per cent. This and the heavier Continental arrivals have been the two main contributing causes to the weakness. Turnbulls are of the opinion that the opinion that the higher levels ruling for butter during January and February were mainly caused by buyers anticipating a demand setting in from ■ the United States of America and Germany, with a consequent shortage of stocks. United States of America did buy a few hundred tons of New Zealand butter in London, hut the demand was not maintained. The Continental posi- i tion strengthened toward the end of February, but now has slackened off again very considerably. It does not appear at all probable that the United States of America will again come into the market, and with the slackening off of Continental demand, the market has definitely weakened, with very little prospect of any recovery in the immediate future. Buyers have shown no activity at the reduced price for forward butter, and even at 10}d buyers are showing practically no interest. W. Weddel and Co., Ltd., cable that the cheese consumption is still beiug affected by unfavourable weather, and al th/ugh the stock positoin of New Zealand cheese in London is sound, and the arrivals during March-April-May are somewhat below last season’s, they expect a dull market in the meantime. In a cable received on Wednesday the cheese quotations show some improvement, but W. Weddel and Co., state that buyers are not disposed to follow the advance in price. There has been quite a fair interest shown by buyers at s|d f.0.b., for unshipped cheese to the end of the season, but factories are not inclined to sell so far forward at this figure. At the moment, however, it looks as if cheese for prompt shipment might be seling at 5Jd. Estmiated arrivals of New Zealand butter and cheese in the United Kingdom during March-A'pril-May t-omparc ns follow with actual arrivals during that period in previous seasons; — Butter 1934. 1935. 1936. Tons. Tons Tons. March ..18,080 13,172 13,051 April .. 9,287 11,809 12,913 May ...14,366 10,874 11,712 41,733 35,855 37.676 Cheese 1934. 1935. 1936. Tons. Tons. Tons March .. 13,178 9,427 8,188 April .. 9.195 9.922 8,572 May .. 11,079 8,587 9,000 33,452 27,936 2-5,760 Messrs. Henry A. Lane and Co., Ltd., Hawera, report having received the following cable market report from their London office.—Che we: White, 50s to 51s; coloured, 53. Market steady. Butter: Market recovered to 85ts after touching 83s.