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NEXT UPDATE is May 16, 2008

May 9 -The Chicago Mercantile reports Grade AA Butter closed up 3/4 at $1.47. The weekly average was $1.4570. Support prices for butter start at $0.85. Butter prices are reported from the Chicago Mercantile Exchange every Friday. The Merc is considered a spot market for butter. Merc prices are important to dairy farmers because the value of the fat and fat differentials in raw milk are established from the prices quoted from the Exchange, and Merc prices are used in the BFP update.