Now that the month of October is in the rearview mirror, we have a full picture of what ended up being a record-breaking month in terms of butterfat prices. The price per pound of butterfat reached a new summit of $3.7144 per pound, according to Federal Milk Marketing Order data reported by USDA.
The price for October butterfat shot up 58.8 cents from the September price per pound and was close to $1 per pound higher than the butterfat price of $2.7713 in January of this year. Butterfat saw five months in a row of record-breaking prices in 2022, from June to October, with a price per pound ranging from $3.3323 to $3.6567. Prices retreated after that and remained under $3 per pound in 2023 until August.
This recent butterfat boom is linked to historical high prices for butter in trading on the CME. Butter prices hit new heights for seven days in late September and early October before peaking at $3.5025 on October 6. The average price for the month was $3.3814 per pound, which was also a record high.
Abbey Bauer
November 3, 2023
hoards.com
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