MD_DA440

     Butter - Western U.S.

     Report 15 - Released on April 14, 2021

     Western cream is still plentiful. While some cream is flowing eastward, limited tanker
     availability is a barrier for moving heavier volumes out of the region. Butter production is
     seasonally active. Inventories are stable. Week after week, food service demand continues to
     swell; some, but not all, market participants feel strongly that rebounding food service
     orders are the main force behind higher butter prices. Retail butter demand is stable to
     strong. Export demand is steady, and some industry contacts report that port congestion
     issues seem to be improving.
     Prices for: Western U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter

     Bulk Basis Pricing  - 80% Butterfat $/LB:              +0.0100 - +0.0750

     Information for the period April 12 - 16, 2021, issued weekly

     Secondary Sourced Information:

     CME CLOSING PRICE
     The Grade AA butter price at the CME Group on Wednesday closed at $1.8775, compared to the
     weekly average price of $1.8420 from last week.

     2021 U.S. BUTTER AND MILKFAT EXPORTS (USDA-FAS)

                      2020 Exports      % Change From
                      (Million Lb.)       1 Year Ago
     TOTAL, FEB            8.5             +107

     TOTAL, JAN-FEB       15.6             + 95
     Exports � Destination Country
     1 Canada             4.7             + 28
     2 Egypt              3.0         +183,519
     3 Saudi Arabia       1.7             +249
     4 Mexico             1.3             -  8
     5 Bahrain            0.8             +846

     2021 U.S. BUTTER AND MILKFAT IMPORTS (USDA-FAS)
     (Imports for Consumption)
                                                2020 Imports      % Change From
                                                (Million Lb.)       1 Year Ago
     February Imports
       Total Butter, Fats, Milk (H.S. Code 0405)     4.3              - 49
       Butter
        Quota (H.S. Code 405101000)                  1.3              - 14
        Over Quota (H.S. Code 405102000)             2.2              - 34
       AMF
        Quota (H.S. Code 405901020)                  0.5              + 89
        Over Quota (H.S. Code 405902020)             0.1              - 94
       Other Milk Fat                                0.2              - 85

                                                2020 Imports      % Change From
                                                (Million Lb.)       1 Year Ago
     TOTAL, JAN-FEB                                  9.8              - 44
     Imports � Country of Origin
     1 Ireland                                      3.9              - 31
     2 India                                        2.1              - 50
     3 New Zealand                                  1.8              +246
     4 United Kingdom                               0.6              + 47
     5 France                                       0.6              - 54

     Published by:
     Dairy Market News - Madison, WI
     CHELSEA ROCHELLE, 608-422-8594
     Email: Chelsea.Rochelle@usda.gov

     Additional Dairy Market News Information:
     Dairy Market News (DMN) by Phone: (608)422-8602
     DMN Website: https://www.ams.usda.gov/market-news/dairy
     DMN MARS (My Market News): https://mymarketnews.ams.usda.gov