USDA announced the November margin under the Dairy Margin Coverage Program at $9.58 per cwt, the highest margin posted this year and up 14 cents from October’s levels. The margin is just 8 cents above the $9.50 maximum threshold, so no indemnity payment will be provided for this month. Feed costs were down 4 cents from last month, with a 27 cent drop in the per-bushel corn price and a $7 drop in the per -ton alfalfa hay price partially offset by a $48.11 jump in the soybean meal price. The All-Milk price was up 10 cents from October to $21.70 per cwt. With one month yet to go, the DMC Program has provided more than $24,000 in net benefit for each 1 million pounds covered in 2023. Enrollment for the 2024 Program Year is expected to open soon.
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