Butter jumps to record price

Butter has never been this expensive as a limited world supply has buyers scrambling before the holiday baking season later this year. Prices hit an average of $7,350 per metric ton on the latest Global Dairy Trade auction, surpassing a previous peak of $7,086 in 2022. The auction, which holds its next sale Tuesday, helps set the direction for dairy prices, including the Chicago futures market. Record butter prices come as world dairy processors have been devoting more milk to making cheese, demand for which has been soaring for foods...