Myers to Share Industry Numbers and Risk Management Program Updates
The Center for Dairy Excellence’s monthly “Protecting Your Profits” call will be held on Wednesday, July 24 at noon. The call will be led by Zach Myers, Risk Education Manager with the Center.
During the call, Myers will compare monthly dairy industry performance scorecards and evaluate trends affecting Pennsylvania’s dairy farms. He will discuss how Class III dairy futures are trading higher compared to this time last month, but Class IV prices are declining. Class III milk futures are averaging $17.40/cwt for the next six months, $0.31/cwt higher than this time last month. Class IV prices are now trading below Class III and are averaging $17.12 for the next six months, $0.28/cwt lower than last month. May dairy cow slaughter was up 5.30 percent over May 2018. May milk production was down 0.31 percent, and dairy cow numbers were down 0.75 percent from May 2018.
The call will also provide updates on risk management programs, including Dairy Margin Coverage and Dairy Revenue Protection. Dairy Margin Coverage enrollment began in June and approximately 10,000 dairy farms have already enrolled for at least 2019. May margin is $9.00/cwt, triggering a $0.50/cwt payment if enrolled at the $9.50/cwt margin coverage. Dairy Revenue Protection policies for fourth quarter 2019 to fourth quarter 2020 are now available for purchase through an Authorized Insurance Provider through September 15, 2019.
Join the Center on July 24 to look at the dairy industry from a regional, national and global perspective. Find out how these programs and the conventional price risk management tools can fit in to your marketing plan. All are welcome to participate at no cost in the upcoming “Protecting Your Profits” conference call. To register and obtain the conference line information, please call 717-346-0849 or email Myers.
The call will start promptly at noon and last approximately 15 minutes. Calls are recorded and posted on our website for those who are unable to join the live session.
To ensure the Center is providing the Pennsylvania dairy industry with desired information, participants are encouraged to complete a short, eight-question survey. The call will be remodeled this fall based on survey responses. The survey can be completed at the following link.