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Butter prices soar to record highs

Dive Brief:

  • Butter prices have hit a record high this month as lower production levels create supply constraints heading into the holiday season, when demand peaks.

  • Spot butter prices on the Chicago Mercantile Exchange averaged a “record high in trading history” at $3.44 per pound the week ending Oct. 13, the U.S. Department of Agriculture said in a Wednesday report.

  • Butter production in August was the lowest in roughly five years due to tightened milk supply, fewer imports and the increased use of cream in manufacturing other products, according to the USDA.

Sarah Zimmerman

October 19, 2023



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