Butter Meltdown as U.S. Spot Price Plummets Most in 11 Years
- Production rose after market surged to record in September
- Dec. 10 becomes a bearish landmark as price tumbles 18%
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A gauge of U.S. butter prices plunged the most in 11 years after production and inventories increased following a bull run to a record in September.
Spot cash butter tumbled 18 percent to $2.30 a pound Thursday on the Chicago Mercantile Exchange. That marked the biggest drop in exactly 11 years. On Dec. 10, 2004, the price plummeted 20 percent.