Produced by Richard Tonsing and the Online Distributed
Proofreading Team at http://www.pgdp.net (This file was
produced from images generously made available by The
Internet Archive)
WEATHER
CROPS ^{AND} MARKETS
Published Weekly by the
United States Department of Agriculture
CERTIFICATE: By direction of the Secretary of Agriculture the matter
contained herein is published as statistical information and is
required for the proper transaction of the public business. Free
distribution is limited to copies “necessary in the transaction of
public business required by law.” Subscription price $1 per year
(foreign rate $2) payable in cash or money order to the
Superintendent of Documents, Government Printing Office, Washington,
D. C.
═══════════════════════════════════════════════════════════════════════
WASHINGTON, D. C. AUGUST 5, 1922. VOL. 2, NO. 6
═══════════════════════════════════════════════════════════════════════
EXPORT BUTTER DEMAND CAUSES MUCH INTEREST
Sales to United Kingdom Strengthened Early Summer Market—Shift in
England’s Supply Sources.
A demand for American butter by English buyers had a materially
strengthening effect on the early summer market in the United States.
This generally unexpected export demand has called forth various
explanations in the attempt to determine the probability of continued
demand from that source.
An analysis of the international butter trade of the past 10 years
indicates that a change not yet generally realized has taken place in
the seasonal trend of imports of butter into the United Kingdom, which
largely accounts for this demand in anticipation of an autumn shortage.
This change is due to the shift that took place during the war in the
sources of supply of that greatest of all butter-importing countries.
SUPPLY WAS UNIFORM.
Prior to the war the United Kingdom obtained its butter supply from such
widely scattered sources in both the Northern and the Southern
Hemispheres that the supply was remarkably uniform from month to month
throughout the year. During the war, when supplies available from
continental Europe and Russia were reduced, Australia, New Zealand, and
Argentina were encouraged to expand their dairy industry, and have
together since that time continued as the most important sources of
supply of butter on the British markets.
As the flush of production in Australia, New Zealand, and Argentina
occurs during the fall and winter months when production is lightest in
North America and Europe, England now receives an average of two-thirds
of the total supply of foreign butter during the winter and spring,
whereas formerly but one-half was received during this period.
Although consumption does not necessarily follow the same seasonal trend
as the imports, it is a fact, according to reports of London dealers,
that butter stocks are now lower than at the same time last year, when
at least 50,000,000 lbs. of Government stocks still remained unsold in
England. With comparatively light stocks and the certainty that imports
into England after July can not be as heavy as during the first six
months, a speculative demand has been stimulated in that country in
anticipation of an expected autumn shortage.
Although butter production since the war has recovered rapidly in
practically all of the important dairy countries, Russia is still out of
the world’s market. The cutting off of the Russian exports to England,
which amounted to 150,000,000 lbs. annually from 1909 to 1913, was the
greatest single factor in bringing about, this change in the seasonal
supply of the latter country.
The present statistical position of the United States is, therefore,
somewhat misleading, unless due consideration is given to
(Concluded on page 111, column 2.)