Butter Price At All-Time High
Friday, September 5th, 2014 -- 8:48 AM
The cash price for butter topped a new-all time high Thursday, reaching $2.84 a pound on the Chicago Mercantile Exchange.The previous all-time high was $2.8225 a pound on Aug. 21.
The market is being driven by buyers who are concerned about being short of supply to meet the sales commitments they have, market-watchers say. Demand remains strong as protein increasingly becomes a focal point of diets in the U.S. and around the world, especially in countries that have growing middle classes.
The price of butter contributes, at least partially, to the price Wisconsin farmers receive for the milk they produce. Wisconsin has 10,860 dairy farms that produce 3.2 billion gallons of milk each year.
The state is the second-leading butter producer in the U.S. behind California.
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