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USA

CWT AXE EXPORT BONUSES ON BUTTERFAT

CWT have stopped accepting bids for export assistance on butterfat. In the past six weeks, CWT have agreed to provide bonuses on over 15,000t of butter and AMF for delivery through February. During that time, the CME butter price rose from $1.80 to more than $2.20/lb, rising above Australasian prices for the first time in nearly a year. US butter supplies remain very tight but orders are beginning to slow as buyers become more wary of consumer price resistance.

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