MD_DA104

     Butter/Butteroil - Europe

     Report 25 - Released on June 20, 2019

     Butter prices in Western Europe are lower. Butteroil prices are mixed, slightly weaker at
     the low end of the price range, but higher at the top.

     A factor in lower butter prices is that many buyers are well stocked for current needs.
     Contracting discussions continue for Q3 and Q4, but many buyers are selective as to pricing,
     more wait and see oriented. Butter output has increased YOY after a slow start to 2019.

     New butter availability is good. Export interest has increased over the past month, but
     manufacturers still hope for sales to further increase. Butter stocks are up from early in
     the year, but not burdensome. Manufacturers are motivated to make sales to keep butter
     flowing to customers.

     Western Europe, 82% Butterfat, Free on Board - Port Butter
     Price Range - $/MT:                          4,225 - 4,650


     Western Europe, 99% Butterfat, Free on Board - Port Butteroil
     Price Range - $/MT:                          5,625 - 6,125


     Information for the period June 10 - 21, 2019, issued biweekly

     Secondary Sourced Information:

     EU butter production January-April 2019, 767,000 MT, was up 1.5 percent from the same period
     of 2018, according to CLAL data provided to USDA. EU butter exports January-April 2019,
     47,162 MT, decreased 5 percent from January-April 2018, according to Eurostat.
     Published by:
     Dairy Market News - Madison, WI
     Eric Graf, 608.422.8590
     Email: Eric.Graf@usda.gov

     Additional Dairy Market News Information:
     Dairy Market News (DMN) by Phone: (608)422-8602
     DMN Website: https://www.ams.usda.gov/market-news/dairy
     DMN MARS (MyMarketNews): https://mymarketnews.ams.usda.gov/