While cash cheese slipped a bit on the Chicago Mercantile Exchange on Tuesday, there were some solid gains in Class III futures. The July contract added 49 cents, August up 51 cents in fact the July through January 2013 contracts are all $16.00 or better. The push came from down-under.
For the first time in two months, prices were up at the bi-weekly Global Dairy Trade auction at Fonterra in New Zealand on Tuesday. The overall index rose 13.5 percent compared to two weeks ago led by a 24.4 percent increase in anhydrous milk fat. Skim milk powder was 21 percent higher and whole milk powder increased 8.5 percent. There were 170 bidders participating in the auction the most since the December 6th sale. This is the largest increase since September of 2010.
Cooperatives Working Together (CWT) has accepted eight requests for export assistance from Bongards, Darigold, Foremost Farms and United Dairymen of Arizona to sell a total of 1.938 million pounds of Cheddar and Monterey Jack cheese to customers in Asia, North Africa and the Middle East. The product will be delivered June through November 2012.
In 2012, CWT has assisted member cooperatives in making export sales of Cheddar, Monterey Jack and Gouda cheese totaling 56.6 million pounds, and butter and anhydrous milk fat totaling 44.3 million pounds to 27 countries on four continents. The butter total has been adjusted due to cancellations.