MD_DA104                                                         
DA                                                               
MD DA104 Butter/Butteroil - Europe                               

MADISON, WI.  February 02, 2012 (REPORT 5)                       

WESTERN EUROPE                                                   
INFORMATION GATHERED  01/23/2012 - 02/03/2012                    
U.S. DOLLARS PER METRIC TON, FOB PORT                            
                                                                 
WESTERN EUROPE                                                   
                                                                 
BUTTER/BUTTEROIL:  European butter prices are trending slightly lower.  
Current butter pricing levels are above other world pricing levels and 
mainly meeting domestic needs with limited export opportunities now, 
beyond obligations.  Butteroil market prices are high relative to other 
world sources and have limited exports.  Private Storage Assistance (PSA) 
program will open on March 1.  The Commission will announce pricing and 
volume at the February 16th meeting.  Expectations are that butter will 
be entered into PSA upon the opening.  

82% BUTTERFAT:            4,225 - 4,600                          
99% BUTTERFAT:            4,750 - 5,175                          

0930CT Butch.Speth@ams.usda.gov 608.278.4152