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U.S. Butterfat Imports Update – Nov ’14

  • November 5, 2014
  • by wbabler
• 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. Global Butter Prices - Nov • Sep ’14 U.S. butter imports declined 40.1% MOM, but volumes remain significantly higher than recent months. US Butterfat Imports (2014 YTD) - Nov • 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. US Butterfat Imports (September) - Nov • 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. Total Butter & AMF Over-Quota Imports - Nov • 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. Total Butter & AMF Over-Quota Imports (Sept) - Nov • 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. US Butter Trade Balance vs Price Premium - Nov
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