www.reuters.com Open in urlscan Pro
2600:9000:235a:d200:15:5a3e:9d40:93a1  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Skip to main content

Exclusive news, data and analytics for financial market professionalsLearn more
aboutRefinitiv

 * World
   Browse World
    * Africa
    * Americas
    * Asia Pacific
    * China
    * Europe
    * India
    * Israel and Hamas at War
   
    * Japan
    * Middle East
    * Ukraine and Russia at War
    * United Kingdom
    * United States
    * Reuters NEXT

 * US Election
 * Business
   Browse Business
    * Aerospace & Defense
    * Autos & Transportation
    * Davos
    * Energy
    * Environment
    * Finance
    * Healthcare & Pharmaceuticals
   
    * Media & Telecom
    * Retail & Consumer
    * Future of Health
    * Future of Money
    * Take Five
    * World at Work

 * Markets
   Browse Markets
    * Asian Markets
    * Carbon Markets
    * Commodities
    * Currencies
    * Deals
    * Emerging Markets
    * ETFs
    * European Markets
   
    * Funds
    * Global Market Data
    * Rates & Bonds
    * Stocks
    * U.S. Markets
    * Wealth
    * Macro Matters

 * Sustainability
   Browse Sustainability
    * Boards, Policy & Regulation
    * Climate & Energy
    * Land Use & Biodiversity
    * Society & Equity
    * Sustainable Finance & Reporting
    * The Switch
    * Reuters Impact

 * Legal
   Browse Legal
    * Government
    * Legal Industry
    * Litigation
    * Transactional
    * US Supreme Court

 * Breakingviews
   Browse Breakingviews
    * Breakingviews Predictions

 * Technology
   Browse Technology
    * Artificial Intelligence
    * Cybersecurity
    * Space
    * Disrupted

 * More
   Investigations
   Sports
    * Athletics
    * Baseball
    * Basketball
    * Cricket
    * Cycling
    * Formula 1
    * Golf
    * NFL
    * NHL
    * Soccer
    * Tennis
   
   Science
   Lifestyle
   Graphics
   Pictures
   Wider Image
   Podcasts
   Fact Check
   Video
   Sponsored Content
    * Reuters Plus
    * Press Releases

My News

Sign InRegister

 * Commodities


BAKERS BRACE FOR COSTLY CHRISTMAS AS BUTTER PRICES SURGE

By Sybille de La Hamaide
October 14, 20249:07 AM GMT+2Updated 19 hours ago
Text
 * Small Text
 * Medium Text
 * Large Text

Share
 * X
 * Facebook
 * Linkedin
 * Email
 * Link

An employee takes out of the oven a tray of croissants at La Croissanterie food
chain in Paris, France, September 7, 2017. REUTERS/Charles Platiau/File Photo
Purchase Licensing Rights, opens new tab
 * Summary

 * Butter prices hit record highs in Europe, up 83% year-on-year
 * Bakers may be squeezed pre-Christmas by rising costs
 * Dairy producers favour more profitable cheese over butter
 * Analysts expect prices to ease as output increases

PARIS, Oct 14 - Butter prices have rocketed in recent months, trading at record
highs across Europe in bad news for bakers and pastry makers as they prepare for
Christmas celebrations and already face high chocolate and sugar costs.
Strong demand for butter, tight stocks and dairy processors' preference to use
more milk for the most profitable products such as cheese have driven the price
surge, analysts say.
European butter was trading on world markets at a record $8,706 per metric ton
by Sept. 29, up 83% on year, latest official European Commission data, opens new
tab showed.
Advertisement · Scroll to continue

Prices were also higher year-on-year in Australia and New Zealand but came off
summer highs.
While large food companies have covered much of their butter supplies before
starting to produce Christmas cakes and ice creams, the impact for small
producers will be significant with a rise in prices unavoidable, said Paul
Boivin, director of the French bakers and pastry federation FEB.
Milk output declined last year in most parts of the globe including Europe, the
United States and New Zealand - the world's largest milk and butter exporter -
as low prices and high feed costs discouraged many dairy farmers.
Advertisement · Scroll to continue

Global milk output rebounded slightly in 2024 but remained tight compared to
growing demand, prompting producers to favour allocating milk to the most
competitive products like cheese instead of butter, Rabobank dairy analyst
Michael Harvey said.


SPREAD OF DISEASES

EU milk production grew 0.7% between January 2023 and July 2024, the latest EU
data showed. Over the same period butter output fell 1.6% with stocks at
historically low levels, while cheese production gained 3.2%.

The U.S. Department of Agriculture this month raised its forecast for 2024 U.S.
butter prices to $3 per pound, up 15% from last year, due partly to fewer cows
and less milk produced by each animal.
"Tighter milk supplies and firm demand are expected to carry the higher price
outlook into 2025," USDA said.
Revenues in the global butter market are set to reach $42 billion in 2024, up
more than 8% from 2022, and the market is expected to grow annually by 7% by
2029, according to data platform Statista.

European butter prices were also somewhat supported by fears of a further
decline in milk supply due to a spread of diseases in dairy cows in Western
Europe, including bluetongue and Epizootic Hemorrhagic Disease (EHD), analysts
said.
However, the number of outbreaks of bird flu in U.S. dairy cows was not large
enough to impact the national level of milk production, USDA economist Michael
McConnell said.

Butter prices should ease from record highs as dairy producers boost output to
benefit from high prices but it could take several months to see a significant
fall, said Susan Kilsby, analyst at ANZ bank in New Zealand.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S.
newsletter. Sign up here.

Reporting by Sybille de La Hamaide in Paris, Peter Hobson in Canberra and Tom
Polansek in Chicago; Editing by Dmitry Zhdannikov and Andrew Cawthorne

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Share
 * X
 * Facebook
 * Linkedin
 * Email
 * Link

Purchase Licensing Rights


READ NEXT

 * BusinesscategoryOil falls 2% as OPEC cuts oil demand growth view, China
   concerns
 * BusinesscategoryOil falls 3% as concerns ease on potential Iran supply
   disruption
 * WorldcategorySuspect armed with rifle arrested after threats against FEMA in
   North Carolina
 * OPEC trims its China crude demand forecast, but nowhere near enough: Russell
 * Norway court rejects environmental injunction against oil and gas fields
 * SustainabilitycategoryUS startup Last Energy plans micro nuclear project in
   Wales




MARKETS


 * S&P 500, DOW NOTCH RECORD CLOSING HIGHS, CRUDE SLUMPS
   
   Marketscategory · October 15, 2024 · 1:19 AM GMT+2
   
   U.S. stocks ended higher with a boost from technology shares amid light
   Columbus Day trading on Monday, while crude prices dipped as investors parsed
   signs of economic softness in China and girded themselves for a string of
   high-profile corporate earnings.

 * MarketscategoryCentral banks remain keen buyers of gold, representatives tell
   bullion conference1:08 AM GMT+2
 * WorldcategoryNobel Economics Prize 2024 Live: Daron Acemoglu, Simon Johnson
   and James Robinson win - as it happenedOctober 14, 2024
 * MarketscategoryTSX hits record high on gains in commodity shares, TD Bank
   falls (Oct 10)October 14, 2024
 * Macro MatterscategoryFor Europe's economy, US election risks outweigh
   upsideOctober 14, 2024




SITE INDEX


LATEST

 * Home
 * Authors
 * Topic Sitemap
 * Archive
 * Article Sitemap


BROWSE

 * World
 * Business
 * Markets
 * Sustainability
 * Legal
 * Breakingviews
 * Technology
 * Investigations
 * Sports
 * Science
 * Lifestyle


MEDIA

 * 
   Videos
 * 
   Pictures
 * 
   Graphics
 * 
   Podcasts


ABOUT REUTERS

 * About Reuters, opens new tab
 * Careers, opens new tab
 * Reuters News Agency, opens new tab
 * Brand Attribution Guidelines, opens new tab
 * Reuters Leadership, opens new tab
 * Reuters Fact Check
 * Reuters Diversity Report, opens new tab


STAY INFORMED

 * Download the App (iOS), opens new tab
 * Download the App (Android), opens new tab
 * Newsletters


INFORMATION YOU CAN TRUST

Reuters, the news and media division of Thomson Reuters, is the world’s largest
multimedia news provider, reaching billions of people worldwide every day.
Reuters provides business, financial, national and international news to
professionals via desktop terminals, the world's media organizations, industry
events and directly to consumers.


FOLLOW US

 * X
 * Facebook
 * Instagram
 * Youtube
 * Linkedin


THOMSON REUTERS PRODUCTS

 * WESTLAW, OPENS NEW TAB
   
   BUILD THE STRONGEST ARGUMENT RELYING ON AUTHORITATIVE CONTENT,
   ATTORNEY-EDITOR EXPERTISE, AND INDUSTRY DEFINING TECHNOLOGY.

 * ONESOURCE, OPENS NEW TAB
   
   THE MOST COMPREHENSIVE SOLUTION TO MANAGE ALL YOUR COMPLEX AND EVER-EXPANDING
   TAX AND COMPLIANCE NEEDS.

 * CHECKPOINT, OPENS NEW TAB
   
   THE INDUSTRY LEADER FOR ONLINE INFORMATION FOR TAX, ACCOUNTING AND FINANCE
   PROFESSIONALS.


LSEG PRODUCTS

 * WORKSPACE, OPENS NEW TAB
   
   ACCESS UNMATCHED FINANCIAL DATA, NEWS AND CONTENT IN A HIGHLY-CUSTOMISED
   WORKFLOW EXPERIENCE ON DESKTOP, WEB AND MOBILE.

 * DATA CATALOGUE, OPENS NEW TAB
   
   BROWSE AN UNRIVALLED PORTFOLIO OF REAL-TIME AND HISTORICAL MARKET DATA AND
   INSIGHTS FROM WORLDWIDE SOURCES AND EXPERTS.

 * WORLD-CHECK, OPENS NEW TAB
   
   SCREEN FOR HEIGHTENED RISK INDIVIDUAL AND ENTITIES GLOBALLY TO HELP UNCOVER
   HIDDEN RISKS IN BUSINESS RELATIONSHIPS AND HUMAN NETWORKS.

 * Advertise With Us, opens new tab
 * Advertising Guidelines
 * Purchase Licensing Rights, opens new tab

 * Cookies, opens new tab
 * Terms of Use
 * Privacy, opens new tab
 * Digital Accessibility, opens new tab
 * Corrections
 * Site Feedback, opens new tab

All quotes delayed a minimum of 15 minutes. See here for a complete list of
exchanges and delays.

© 2024 Reuters. All rights reserved






RIGHT TO WITHDRAW CONSENT UNDER GDPR

We and our 157 partners store and/or access information on a device, such as
unique IDs in cookies to process personal data. You may accept or manage your
choices by clicking below, including your right to object where legitimate
interest is used, or at any time in the privacy policy page. These choices will
be signaled to our partners and will not affect browsing data.Cookie
PolicyPrivacy Statement


WE AND OUR PARTNERS PROCESS DATA TO PROVIDE:

Use precise geolocation data. Actively scan device characteristics for
identification. Store and/or access information on a device. Personalised
advertising and content, advertising and content measurement, audience research
and services development. List of Partners (vendors)

Allow All Reject All Show Purposes


Feedback