Source: CWT news release
Cooperatives Working Together (CWT) accepted four bids from Darigold and two bids from Foremost Farms for export assistance for a total of 959 metric tons (2.1 million pounds) of Cheddar cheese to the Middle East. Product will be delivered in April and May 2010.
CWT reactivated the Export Assistance program on March 18, 2010. Economic analysis clearly indicated that implementing the Export Assistance program focusing on cheddar cheese could provide the most immediate positive signal to address low producer milk prices. Sizeable inventories of cheese are hampering a recovery in milk prices and using CWT's export program will address that situation.
CWT will pay export bonuses to the bidders only when delivery of the product is verified by the submission of the required documentation.