Butter Prices on Chicago Mercantile Exchange Hit Record Highs
Source: The DairyNews
This week, butter prices reached a record high of $7,350 per ton. On September 28, the CME (Chicago Mercantile Exchange) hit an all-time high, surpassing the previous day's record of $7,275 per ton and the highest level in 2022 ($7,200 per ton).
The butter market is experiencing a shortage, leading to some buyers remaining uncovered ahead of the holiday season. This has resulted in an aggressive surge in prices.
Slow milk production in the West, which accounts for 50% of butter production in the USA, along with high domestic demand, has contributed to the current supply constraint.
The HighGround Dairy (market intelligence and analyses agency) believes that this pressure will not last long, in the coming weeks butter supply is expected to increase significantly, leading to a noticeable price decline in October-November.
Link to the source: https://dairynews.today/news/tsena-slivochnogo-masla-na-spote-cme-chikago-dosti.html
