MD_DA124                                                         
DA                                                               
MD DA124 Butter - Oceania                                        

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

OCEANIA                                                          
INFORMATION GATHERED  01/23/2012 - 02/03/2012                    
U.S. DOLLARS PER METRIC TON, FOB PORT                            

BUTTER:  Oceania butter markets are generally steady, although prices 
have eased on the top end of the reported range.  Butter output in the 
region remains seasonally active, although milk volumes in both New 
Zealand and Australia are on the downside of the season.  Butter 
producers and handlers are indicating that butter stocks are basically 
fully committed to known and contractual needs.  Butter producers are 
monitoring g/DT anhydrous milk fat trading and indicating that trading 
price levels are lower than most commercial butter prices.  The near term 
contract (April) price averaged $3,796 per MT, 6.4% lower than the 
previous near term contract average.  The all contracts anhydrous price 
averaged $3,942 per MT which was 3.5% lower than the previous all 
contract average.                                                          
                                                                 
82% BUTTERFAT:                           3,700 - 4,100

0930c steve Schneeberger  (608)278-4154