The Dedekind cut formulation of the real numbers is that a real number is defined to be a nonempty "downwards closed" subset of rational numbers. Then the min operation corresponds to taking intersections, and taking intersections is associative. It's cool they figured something like this out from first principles. edit: oops, somehow didn't notice arnarbi already mentioned this!
The intuition here is that an operation throws away information that isn't relevant while keeping the relevant information. If you can't lose relevant information, you can't fail to be associative. Probably all such operations can be straightforwardly mapped to set intersection or set union. (Under the definition of the naturals given above, note that set union gives you the max operator.)