Hear From a Guest Speaker on Wednesday, April 27 at 12 p.m. Via Webinar or Conference Call
The Center for Dairy Excellence is hosting a special edition of its monthly “Protecting Your Profits” webinar on Wednesday, April 27 from 12-1 p.m. The event will feature Sam Miller, Managing Director of Agriculture Banking at BMO Harris Bank, who will discuss increasing interest rates, inflation, and how these could impact dairy producers and the industry as a whole. Led by Zach Myers, Risk Education Manager at the Center, individuals can join the discussion via conference call, webinar, or podcast format.
“Rising interest rates could have a significant effect on dairy producers, impacting everything from cash flow on individual farms to costs at every point in the dairy supply chain,” Myers said. “Join us on April 27 and get a real-time update from Sam Miller who has extensive expertise with agriculture and economics. He plans to share his perspective on what dairy professionals and dairy farmers can anticipate with some of these economic issues on the horizon.”
Miller is Managing Director of Agriculture Banking at BMO Harris Bank where he manages and leads production agriculture and agribusiness-related banking activities. Miller has over 38 years of agricultural banking experience, the past 34 at BMO Harris Bank. He also writes a monthly Agrivision column for the Wisconsin Agriculturist magazine, speaks at many agricultural conferences, and has been quoted by the Wall Street Journal as well as other news outlets about ag industry updates. Sam holds a Bachelor of Science degree in Agricultural Economics from the University of Wisconsin- Madison and an MBA from the University of Wisconsin- Oshkosh.
During the webinar, Myers will briefly highlight Class III and IV futures milk price forecasts, as well as Dairy Margin Coverage (DMC) margins, before Miller begins his presentation on interest rates. Myers will give an overview of these numbers:
- Class III and IV milk futures continued their steady increase through March and the first part of April. Class III milk prices as of April 8 were up and now average 89 cents/cwt from one month ago to $23.60 for the next 12 months. Class IV milk price continues to trade higher than Class III with the 12-month average equaling $24.40 per cwt, 45 cents/cwt more than this time last month.
- The February DMC Margin was announced as $10.98 cents. For the third month in a row, the DMC margin does not trigger an indemnity at any margin coverage.
- Dairy Revenue Policies for Q3 2022 – Q3 2023 will be available through June 15, 2022. Although premiums remain high, DRP policies remain worth considering. Net milk price floors set by DRP policies continue to rank in the 100th percentile in four out of the five quarters for Class III and all five Class IV quarters compared to their respective five-year quarterly averages.
“With milk price expected to be at multi-year highs this year, many folks may have plans to replace equipment or finance a facility remodel or expansion in the coming months or next couple of years. I encourage you to join us for this timely discussion and question-and-answer session to learn what to expect as you make these important decisions,” Myers shared. “Sam Miller’s knowledge of agriculture, economics, and banking gives him unique insight on the direct impacts dairy farm families could experience with rising interest rates.”
To join the “Protecting Your Profits” discussion and access the information in a format that is most convenient for you, the Center offers the series in a webinar, podcast, and conference call format. There is no cost to participate, and no registration is necessary.
Webinar and Live Stream Format
Visit www.centerfordairyexcellence.org/AprilPYP on Wednesday, April 27 at noon to launch the webinar. You can also search “Center for Dairy Excellence” on YouTube and Facebook to watch a live stream of the webinar that day.
Conference Call Format
Individuals who would prefer to connect via conference call can dial the following number on Wednesday, April 27 at 12 p.m.:
Dial: 1-646-558-8656
Meeting ID: 848 3416 1708
Passcode: 474057
Podcast Format
Visit www.centerfordairyexcellence.org/pyp to listen to the “Protecting Your Profits” podcast and subscribe to get notified when the audio recording is released. Episodes are expected to be published after the live webinar and conference call are concluded each month.
Join the Center on April 27 to hear from Miller and find out how conventional price risk management tools can fit in to your marketing plan. For more information, call 717-346-0849 or email Myers at zmyers@centerfordairyexcellence.org. The webinar will be recorded and posted on the Center for Dairy Excellence website for those who are unable to join the live session.