The USDA reports a fourth consecutive month of positive results for milk price and profitability in the US and this has underpinned stable to strengthening commodity prices in Oceania. Looks like the world has let out a notch on the belt buckle and is tucking into a second serve of icecream.

Australia's Warrnambool Cheese and Butter put black ink back into their annual report with an $8.8m profit result. Shares rose but are still well short of the level offered by Murray Goulburn in their recent takeover bid.

The NZX has confirmed the launch of their dairy futures on October 8th. It's a brave new world for the Oceania dairy industry and it will be interesting to see the level of market acceptance.

National Foods has announced a review of their cheese factory operations across Australia. The Tasmanian government has been quick to jump in and try to head off talk of rationalisation and job losses.

It's no wonder Irish farmers were keen to maintain control of Glanbia. The worlds' body builders have apparently lifted the company onto their shoulders and paid for the privilege.

Don't miss Dave's View this week. He's captured the moment beautifully with his image of Fonterra's foray into Argentina.