The European butter market is at a standstill, with manufacturers facing a shortage of butter, buyers holding off for lower prices, and traders caught without any profit margin due to a limited price range and low trading volumes. As of April 10, 2024, the EU Vesper Price Index for butter stands at €5950 or $6459 per metric ton ($2.93 per pound) EXW.

Contrary to expectations of a post-Easter decline, cream prices have increased to €6850 per metric ton this week, reaching the year’s highest point. The market, characterized by low coverage, low stock pressure, and trade activity, is highly sensitive to fluctuations in cream prices and market sentiment. Downward price potential is becoming less and less visible over time, as even the peak of the
milk production season apparently is not able to outweigh the low stocks and good demand.

United States

Similarly, the US butter market is experiencing rising prices post-Easter, with the current VPI butter price at €6030 or $6547 per metric ton ($2.97 per pound) EXW. Despite ample cream availability and robust butter production, the market is overwhelmed by buyers stocking up for the future.


In Oceania, the end of the milk flush and the relatively good demand is keeping the Oceanian
market relatively tight, with butter prices at €6194 or $6724 per metric ton ($3.05 per pound) EXW.


Butter markets across all producing regions are expected to remain constrained. While slight improvements in butter production in Europe and the US are anticipated in the upcoming months, global demand continues to exceed supply. This imbalance is likely to persist, with domestic and export buyers absorbing any additional butter, thus maintaining low global stocks.

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