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Dairy
Butter
18Butter EU - EU/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
2,000
2,500
3,000
3,500
4,000
4,500
5,000
JS95 - Butter 82% fat exp fob W Eur
May's EU butter price experienced a limited gain, following a steep rise since the beginning of 2021. The rise of EU
butter prices was weighed down by low export demand, down by 18% y-o-y during the Jan-Mar 2021 period, and
low demand from the foodservice sector due to lockdowns across the EU. The May average price of EU butter
stood at EUR 4,102/MT, up 76.3% y-o-y and 1.3% m-o-m.
New Zealand is a net exporting market. This means that more than 90% of its dairy production is sold to overseas
markets, mainly to China. In New Zealand, the butter market sentiment has fluctuated between being steady and
declining, since butter sales to China have weakened more than expected. The May average price of New Zealand
butter dropped to NZD 6,723.1/MT, down 13.5% m-o-m, although up 13.5% y-o-y.
Butter NZ - NZD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
4,500
5,300
6,100
6,900
7,700
8,500
1X11 - Butter auction fas NZ/AU
Butter US - USD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
2,500
3,000
3,500
4,000
4,500
5,000
5,500
DU22 - Butter grade AA USDA cash
In May, the US butter market consolidated its Jan-Apr 2021 price gains. Restaurants restocked, with spending at
restaurants being close to pre-pandemic levels, and grocery stores continue to register high sales. The May
average price of US butter reached USD 4,007.8/MT, up 21.9% y-o-y and down 0.4% m-o-m.
The May average of the Mintec Benchmark Price for UK butter slightly declined to GBP 3,316/MT, down 0.1% m-o
-m, while still up 27.5% y-o-y. Lower butter prices during May signal the end of strong retail butter demand in the
UK, which appeared during COVID-19 lockdowns due to surges in home cooking.
Butter UK - GBP/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
2,300
2,700
3,100
3,500
3,900
4,300
LZ01 - Butter unsalted 82% exw UK (MBP)