USDA Oceania Butter 09/25 09:30

AMS_1099 MARS

Butter - Oceania

Released on September 25, 2025

Prices declined at both ends of the Oceania butter price range, with a modest 
decline at the low end and a more substantial decline at the high end. This 
continues a recent downward trend for butter prices as production increases 
heading into the Oceania spring flush and demand weakens internationally. In 
New Zealand, milk production hit record levels in both milk solids and total 
tonnage terms for each of the prior four months, May through August. As a 
result, milkfat is widely available for butter production. The butter price 
index fell 0.8 percent at GDT event 388, with prices falling across all 
contracts except the January 2026 contract. The price index for the November 
contract, where 44 percent of butter was sold, fell by 0.4 percent, slightly 
outperforming futures market expectations. Prices for anhydrous milkfat (AMF) 
experienced a larger decline, 1.5 percent overall, widening the gap between 
butter and AMF prices again after these prices recently moved closer together. 
The average AMF price on an 82 percent basis was $5,634, substantially lower 
than the average butter price of $6,892. The quantity of butter sold at GDT 
event 388 fell from event 387 but remained higher than a year prior. The North 
Asia region purchased 80 percent of available butter even as the region's share 
of total purchases declined from event 387.

Prices for: Oceania, 82% Butterfat, Free on Board - Port Butter
Price Range - Dollars per Metric Ton: 6825 - 7025


Information for the period September 15 - 26, 2025, issued biweekly

Secondary Sourced Information:

During GDT event 388 on September 16, 2025, the average price for butter across 
all contract periods was $6,892 per metric ton, corresponding to a 0.8 percent 
decrease in the butter price index from the prior event. The average price for 
the October contract was $7,005 per metric ton, with the October price index 
down 0.6 percent. More information on butter prices at the most recent event 
can be found at https://www.globaldairytrade.info/en/product-results/butter/. 
Recently released export data from New Zealand showed August 2025 butter export 
volumes were 14,929 MT, an increase of 28.8 percent from the year prior. Export 
volumes of butter from January - August 2025 were 174,988 MT, up 9.6 percent 
from the same time frame a year ago.

[0600059B]