Cash butter reached a 2023 record high price Thursday. It was also the day with the highest volume of trades for a single session since 2004. DairyVisor President Joe Spader says the butter supplies are short causing the market to rally. “With cow numbers declining and the heat stress on cows, I think butter production has dropped a bit.” Additionally, butter in cold storage is depleting quicker than normal. Class III milk is in a similar situation with a drawdown in milk production driving the markets.
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