Пища для ума. Коломейцева Е.М - 55 стр.

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ranted. This analysis includes a discussion of potential marketing conditions

that may affect the industry in 1999 – including projections for butter produc-

tion and market prices.

1998 Year-End-Review

Strong demand and short supplies resulted in record high butter prices in

1998. With the exception of three weeks during the holiday season of 1997,

weekly butter prices for 1998 surpassed the corresponding weekly market prices

established during the past two years (Figure 1). Never before has the strength

of the markets lasted for such an extended period of time.

Figure 1

The average Grade AA price at the CME market for 1998 was $1,778 –

53% higher than 1997's average price of $1,161. Throughout the year, Grade

AA butter prices ranged from a low of $1,14 per pound in mid January to a

record high of $2,81 in mid September. On one frantic day of trading in Sep-

tember, a load of butter actually sold for $2,95 per pound. Although this sale

did not set the market price for the day, transactions at this price level serve

notice as to how tight the market actually was during the fall months.

Trading activity at the CME cash market also increased substantially for

1998. Throughout the year, a total of 618 carlots of Grade AA butter were

traded on the CME market. This represents a 22% increase when compared

with the 1997 trading level of 506 carlots. Monthly sales transactions ranged

from a low of 11 carlots in January to a high of 115 carlots in November. On

average, 52 loads were sold each month. This compares to a monthly average