October 4, 2023: Dairy Week in Review

Butter prices on the CME have been steadily increasing, on the heels of last week’s Cold Storage report that showed butter inventories down 40.3 million pounds from July to August. Since the end of July, the spot butter price on the CME is up 66 cents to an all-time high of $3.34 per pound on October 2. More than 33 percent of the nation’s butter stocks were produced in California, which has seen deep declines in milk production and cow numbers over the past couple months. Concerns are starting to build around butter supplies moving into the holiday season when butter demand is at its highest.

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