DAIRY PRODUCE

Waikato Times, Volume 118, Issue 19758, 13 December 1935, Page 12

DAIRY PRODUCE

MARKETS REVIEWED

Butter.—The market through November remained fairly steady but during the last week ol' tlie month and the first ten days or December, prices have declined very rapidly. Australian and New Zealand production has shown a considerable improvement, although tlie quantities are not yet equal to last season’s. Buyers in London have apparently become very nervous and are adopting a hand-to-mouth policy, knowing that there will be plenty or butter available during- January and February. Tlie stock position in London is still strong- as compared with last year, but the quantities in store, according- to the Imperial Economic Committtee’s estimates, are practically equal to the quantities at the same period in 1 933. The market movements since September bear a very striking- similarity to tlie 1933 figures, when the market, alter touching 110 sin the middle or September, continued to fall right down throughout October, November, December and January until bottom was reached, 665.

Messrs W. Weddel and Co., Ltd., cabled us that owing to the continued fall, buyers have apparently lost confidence. Our own view is that the entire absence or any speculative interest, has been a contributing factor to tlie decline. Should any strong speculative buyer come into the market It would tend to steady prices and help buyers to regain their loss or confidence.

Forward Business.—There has been quite a considerable amount of forward business passing during tbe month, buyers coming in at Is and continuing to follow the market down to lid but to-day, buyers in the United Kingdom are not interested at this figure.

Interest of New York Buyers. New York.—One bright aspect or the market, has been tbe Interest shown by New York buyers, and some 35,000 to •50,000 boxes have been sold to New York l'or shipment per tbe “Tekoa” at tbe end or this month at round about lid and ll 1 -Sd, although to-day New York buyers arc not showing so much interest. Last season when New York buyers showed some activity, a considerable increase in spot quotations in the United Kingdom immediately eventuated, but although London buyers are fully posted as to the activity or the Americans', they do not seem to be concerned as to any possible shortage and a't’C still prepared to sit back and wait for a further rail in tlie market. Cheese.—The cheese, market showed some improvement during November but as is usual, lias weakened with tlie heavy fall in butter. ’ The statistical - position or cheese is very strong and New Zealand production Is considerably down on last season. It looks at the moment, as though our production will be considerably below last, year's figures. -Messrs \Y. Weddel and Co.. Ltd., cable us that the cheese market Is firm on account or the ract that the New Zealand gradings are so much reduced and that the, quantities afloat are in small compass. The immediate prospect for cheese certainly looks brighter than that for butter.

In their report on dairy produce markets, Messrs A. II. Turnbull and Co., Ltd., state: , , „ _ The following' are the London quotations Tor the month: — „ _ Butter — Nov. 5 Nov. 1 S3 Dec. 3 Dec. 10 N.Z. tlltest 103/- 105/- 04/- 86/Kangaroo 102/- 102/- 03/- 86/Danish 1 23/- 1 25/- 12 0/- 127/Market Weak Quiet Quiet Lnset. White 6 52/- 53/- 52/- 51/6 Coloured 5.’/- 53/- 53/- oi/6 Market Weak Firm Quiet Estimated arrivals in the United Kingdom during Derember, January and February, compared with actual arrivals In previous seasons. Dec. .Tan. Feb, ■NEW ZEALAND PUTTER. 1033-34 1034-35 Tons Tons . 1 2,473 1 2,173 16,112 13,370 , 13.810 14,481 1035-36 Tons 18,175 13,636 i 3,S25 42,404 40,024 45,636 Dec. Jan. Feb. NEW ZEALAND CIIEESE. 14)33-34 1034-35 Tons Tons 7,420 7,017 12,558 10,607 . 10,343 10,661 1035-36 Tons 8,746 0,764 S,657 30,321 20,185 27,167