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Nice gains in Class III futures on Monday

Solid gains in Class III futures on the Chicago Mercantile Exchange on Monday, while May and June added a nickel each, July increased 39 cents, August jumped 51 cents higher, September increase 32 cents, October up 24 cents and November added a dime.

The dairy markets are getting a little support from several different areas: the weekly report from Dairy Market News says production has leveled-off in the west, just in time for the summer heat to step in. Meanwhile production has peaked and is starting to nudge-back a little in the Midwest, Northeast and Southeast.

Butter prices are surprisingly nudging higher even though cream is readily available and churns are running at or near capacity.

Cooperatives Working Together (CWT) has accepted 24 requests for export assistance from Dairy Farmers of America, Darigold, Maryland & Virginia Milk Producers Cooperative and United Dairymen of Arizona to sell a total of 3.578 million pounds of Cheddar and Monterey Jack cheese and 1.642 million pounds of butter to customers in Asia, Africa, Central America and the Middle East. The product will be delivered May through November 2012.

In 2012, CWT has assisted member cooperatives in making export sales of Cheddar, Monterey Jack and Gouda cheese totaling 53.8 million pounds, and butter and anhydrous milk fat totaling 44.4 million pounds, to 27 countries on four continents.