European butter prices reach record highs at $8,706/mt, up 83% YoY due to strong demand, low stocks, and cheese priority.
Butter prices in Europe have surged to record highs, reaching $8,706 per metric ton, an 83% increase from last year. Factors include strong demand, low stocks, and dairy processors prioritizing cheese production. This rise poses challenges for bakers, especially small producers. The USDA forecasts a 15% increase in US butter prices for 2024, influenced by reduced milk production. The global butter market is expected to grow, reaching $42 billion by 2024.
October 14, 2024
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