Butter - Central

     Butter - Central U.S.

     Report 20 - Released on May 17, 2018

     Churning continues for some Midwestern and centrally located butter producers, while others
     focus on micro-fixing. Production distinctions are due to varying cream availability, which
     seems to fluctuate noticeably by location this week. Butter sales continue to impress
     contacts, and butter inventories are generally balanced. Interest continues to favor the
     unsalted variety. Some contacts have shared that market prices have yet to affect retail
     prices, but likely this summer will see butter prices increase on the grocery aisle. The
     butter markets are abidingly stable to bullish. The Class IV cream multiple range has
     tightened with fewer multiples being reported, currently 1.19 to 1.23 f.o.b.

     The DMN National Retail Report-Dairy for May 11-17 noted the national weighted average
     advertised price for a 1 pound package of butter is $3.13, 5 cents below one week ago and
     22 cents lower than one year ago. The weighted average regional prices in the Midwest and
     South Central were $2.91 and $3.41, respectively.
     Prices for: Central U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter

     Bulk Basis Pricing  - 80% Butterfat $/LB:              +0.0200 - +0.0900

     Information for the period May 14 - 18, 2018, issued weekly

     Secondary Sourced Information:

     Wednesday�s CME Group price for Grade AA butter is $2.3800, compared to $2.3450 last
     Published by:
     Dairy Market News - Madison, WI
     ISRAEL WEBER, 608-422-8601
     Email: israel.weber@ams.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