Butter close to peak prices - Ornua
Record high butter prices are set to peak in the coming months, according to Ornua CEO Kevin Lane.
Butter prices have reached an all-time high in recent months with prices of €7,000/t being recorded, but Mr Lane said that prices should start to level off shortly.
"We have a view that butter has peaked. It's typical in normal years that butter is at its highest as we get in to the very important Thanksgiving and Christmas buying period. It's typically done through September and October," he said.
Mr Lane hopes the price of butter doesn't rise any further, as from a "consumer standpoint" it would not be affordable if the price was to rise.
"I think butter is back. Butter is playing a strong game in terms of being a decent part of your diet and should be used in moderation.
"It's being used now more than ever in cooking. We would think there is quite a resilient demand for butter provided the price stays sensible," he said.
He added that the demand for butter in developing countries is heavily linked to sustainable prices.
"There is growing demand in the developing world for butter but by very virtue of their affordability and ability to pay price."