Report 51 – Released on December 22, 2021

The Oceania butter price range notched a healthy increase at each end. The low-end price,the highest of 2021, is up $1,375 from where 2021 began. The high-end price is up $1,425.Butter is extremely profitable. The highest butter prices reflect near term demand. Each endof the price range reflects prices lower than Western European butter pricing. This addsbuying pressure from customers who are open to purchasing from either region. With decliningseasonal milk production, and output below last season, butter pricing is expected to remainstrong moving into 2021. Contracting interest will be very active as buyers move to lock incontracts.

Oceania, 82% Butterfat, Free on Board - Port Butter
     Price Range - $/MT:                          5,825 - 5,950

Information for the period December 13 – 24, 2021, issued biweekly

Secondary Sourced Information:

At GDT event 298, on December 21, 2021, the butter all contracts price, $5,851, increased1.0 percent. The January contract, $5,935, increased 0.8 percent.