Europeans are eating so much butter that the bloc's stockpiles are nearly empty, adding to a rush of demand that has sent global prices skyrocketing. The US Department of Agriculture boosted its outlook for world consumption and downgraded production in a report this month. In the European Union, one measure of reserves fell to 1,369 tons as at the end of May, a 99% plunge from the 92,548 tons held a year ago, the EU said. Global consumption is forecast to climb 3.1% to a record 9.7 million tons this year, outstripping the 2.5% rise in production, the USDA said. Consumers are increasingly turning away from vegetable-oil alternatives such as margarine and now see butter as "safer", the USDA said. Spot prices for butter fat in western Europe have doubled in the past 12 months to a record $7,212.50 per ton, and costs in the region comprising Australia and the Pacific Islands are at an all-time high of $6,150, according to USDA data going back to 2004. Even as butter prices soar, it's n...
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