Butter Prices Soar to Historical Highs
In a robust international market for dairy products, butter prices have emerged as a standout, with the average export value reaching a historic high of $6,493 per ton in March, according to Customs data. This trend aligns with record highs in the Global Dairy Trade platform managed by New Zealand's Fonterra, where the average product value was $7,992 per ton in the first auction of May.
International reports indicate low butter stocks in crucial regions like Western Europe, bolstering milk fat prices. Meanwhile, U.S. stock levels are rising, potentially signaling a peak in prices. This divergence is reflected in Uruguay's export values, which showed a slight decline in early April compared to March's peak.
Russia remains the primary destination for Uruguayan butter, with export requests amounting to 700 tons by mid-April at an average price of $6,215 per ton. Algeria follows suit, achieving the highest average price slightly above $6,500 per ton.
