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STRONG CHINESE DEMAND DRIVES MILK PRICES UP TO $21/HWT
BrownfieldAgNews reports:

Strong export demand and tight milk supplies continue to push dairy markets higher.

After three sessions with no activity, three sales and one unfilled bid pushed the cash cheese barrels a quarter-cent higher on the Chicago Mercantile Exchange on Tuesday.

Class III futures with solid gains, February increased 54 cents to close at $21.01 while March added 42 cents and April increased 24 cents on the day.

A number of market analysts tell Cheese Market News they are surprised that cheese prices have gone this high and doubt they will maintain this price past the Super Bowl.

However, the growing strength of Chinese demand is something the market is still trying to get their arms around. Their biggest interest is in powder so New Zealand has transitioned to fill that need opening the door for the U.S. to fill the void for cheese and butter on the global market. Of particular note, the latest Global Dairy Trade auction had cheese at $2.1119 per pound.

Cooperatives Working Together (CWT) has accepted five requests for export assistance from Maryland Virginia Milk Producers Cooperative Association, Northwest Dairy Association (Darigold) and United Dairymen of Arizona to sell 533,519 pounds of butter and 707,684 pounds of cheddar, Gouda and Monterey Jack cheese to customers in Asia, the Middle East and North Africa.

The product will be delivered January through June 2014. The product will go to three countries on two continents.


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