MD_DA104

     Butter/Butteroil - Europe

     Report 21 - Released on May 23, 2019

     Butter prices in Western Europe are lower. Buying interest is slightly slower. Unseasonably
     cool weather is ascribed as a factor. Butteroil prices firmed.

     Buyers are taking butter deliveries under contracts in a timely way. Few spot market
     purchases for short term delivery are reported. Buyers and manufacturers continue to talk
     about contracts for Q3 and Q4, but differing pricing expectations have slowed finalizing
     some possible deals. Reports are that there is a range of pricing quoted from various
     manufacturers. That is also contributing to delays in finalizing deals as buyers look around
     and compare.

     Western Europe, 82% Butterfat, Free on Board - Port Butter
     Price Range - $/MT:                          4,525 - 4,725


     Western Europe, 99% Butterfat, Free on Board - Port Butteroil
     Price Range - $/MT:                          6,100 - 6,450


     Information for the period May 13 - 24, 2019, issued biweekly

     Secondary Sourced Information:

     EU butter production January-March 2019 increased 0.8 percent from January-March 2018.
     March 2019 production was 1.9 percent higher YOY. Germany, a major butter producer,
     increased 2.9 percent YOY. France, however, was -9.0 percent YOY for March.

     EU butter exports January-March 2019, 40,000 MT, decreased 20.8 percent from January-March
     2018 according to CLAL data provided to USDA.

     EU BUTTER EXPORTS ± TOP 3 DESTINATIONS

     Percent change January-March 2019/2018

     DESTINATION      MT        PERCENT CHANGE

     United States    7,312     -21
     Saudi Arabia     3,063     -45
     China            2,432      -6
     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: http://www.ams.usda.gov/market-news/dairy
     DMN Database Portal: http://www.marketnews.usda.gov/mnp/da-home