MD_DA104                                                         
DA                                                               
MD DA104 Butter/Butteroil - Europe                               

MADISON, WI.  November 12, 2009 (REPORT 45)                      

WESTERN EUROPE                                                   
INFORMATION GATHERED  11/02/2009 - 11/13/2009                    
U.S. DOLLARS PER METRIC TON, FOB PORT                            
                                                                 
WESTERN EUROPE                                                   
                                                                 
BUTTER/BUTTEROIL:  Butter markets and prices are firm.  At the November 5 Dairy 
Management Committee meeting, common export refunds for butter and butteroil 
were cut by 61%.  Butter is now 145 Euros per MT for 82%, 141.5 Euros for 80%, 
and 175.6 Euros for butteroil.  Refunds for all other products were set at zero.  
Butterfat is tight in Europe, thus available butter stocks are limited.  
Intervention stocks total slightly more than 76,000 MT with PSA holding totaling 
136,000 MT.                                                 

82% BUTTERFAT:            4,700 - 5,100                          
99% BUTTERFAT:            4,800 - 5,200

0930c steve Schneeberger  (608)250-3204