The dairy markets got off to a strong start this week, led by a historic move in butter. CME spot butter traded thrice at $2.97 per pound on Monday, marking the highest spring butter price on record.
The dairy markets got off to a strong start this week, led by a historic move in butter. CME spot butter traded thrice at $2.97 per pound on Monday. That marks the highest spring butter price on record. Butter output is notably larger than it was in early 2022 or 2023, and cream multiples have slipped, which suggests churns will continue to run hard. But demand is formidable and butter buyers have been willing to pay up now to assure they don’t pay sky-high prices ahead of the holiday baking season. But there are enough pages on the calendar between now and the holidays to allow for a little patience, and even the most anxious butter users decided not to push spot butter all the way up to $3 just yet. Spot butter finished well off the peak at a still lofty $2.92, down 2ȼ from last Friday.
April 15, 2024
