U.S. Butterfat Imports Update – Nov ’14
• Sep ’14 U.S. butter prices continued to gain on Europe and Oceania butter prices when adjusted to 80% butterfat, resulting in the largest U.S. – international butter price premium in over ten years. • Sep ’14 U.S. butter imports declined 40.1% MOM, but volumes remain significantly higher than recent months. • Although U.S. butter imports declined from recent highs, volumes remain elevated on a YOY basis. Sep ’14 butter imports were the highest volumes for the month of September since 2005, reaching a nine year high. • Sep ’14 over-quota imports of butter and AMF were the highest monthly volumes since Dec ’12 and the second highest monthly volumes since Dec ’09. Sep ’14 volumes were nearly three and a half times larger than the average Jan – Aug ’14 volumes. • Sep ’14 over-quota imports of butter and AMF were the highest volumes for the month of September since 2004, reaching a 10 year high. • The Sep ’14 U.S. butterfat trade balance (exports – imports) reached a 21 month low. Sep ’14 U.S. butterfat exports reached a two year low while imports were off of recent highs. • U.S. butter prices declined through October, resulting in a reduced domestic price premium, however U.S. prices remain significantly higher than international prices. Oct ’14 U.S. butter import figures will be released Friday, Dec 5th.