MD_DA104                                                         
DA                                                               
MD DA104 Butter/Butteroil - Europe                               

MADISON, WI.  August 28, 2008 (REPORT 35)                        

WESTERN EUROPE                                                   
INFORMATION GATHERED  08/18/2008 - 08/29/2008                    
U.S. DOLLARS PER METRIC TON, FOB PORT                            
                                                                 
WESTERN EUROPE                                                   
                                                                 
BUTTER/BUTTEROIL:  European butter markets are unsettled with prices unchanged 
to generally lower.  Butter production continues to decline as milk volumes also 
edge lower.  In many instances, stocks are available for immediate and future 
needs.  Surplus butter stocks continue to clear to PSA as the end of the open 
season nears.  As of August 11, nearly 151,000 MT of butter have cleared to the 
program since March 1.  These volumes compare to 118,538 MT last year at this 
time.   

82% BUTTERFAT:            3,900 - 4,050                          
99% BUTTERFAT:            4,600 - 4,750

0930c steve Schneeberger  (608)250-3204