Friday Morning Butter Price Report

Butter prices are steady to higher with many butter manufacturers on
the home stretch of finishing up print orders for the upcoming
holidays.  The market tone is firm on strong seasonal domestic demand
and active export sales.  Cream supplies firmed up, resulting in some
butter churn operators to pay increased prices.  Production rates are
mostly steady.  Butter inventories are light to moderate with some
manufacturers concerned about not being able to put away enough
stocks for demand in future months.  Bulk butter prices range from
market to 12 cents over the market, based on the CME Group and
various indices.  Grade AA butter at the CME Group closed 2 cents
higher Wednesday to $1.9700, up 6.5 cents from a week ago.  The NASS
Cold Storage report noted U.S. butter stocks as of February 28, 2014
were 163.7 million pounds, an increase of 20% or 26.9 million pounds
from a month ago, but a decrease of 31% or 74.7 million pounds
compared to a year ago.  This week, Cooperatives Working Together
(CWT) assisted on 1.185 million pounds of 82% butter for export.
Year-to-date, CWT has aided in exporting 15.495 million pounds of