Dairy Week In Review

After a sizable drop in the Class III futures prices from April through May, Class III futures prices continued to decline through June. Based on June 26 closing prices it appears that Class III milk  price at $14.93 may close below $15 per cwt for the first month since it was $12.14 in May 2020. July Class III bottoms out at $14.83 before improving to around $18 per cwt later this year and into Spring 2024. The average 12-month Class III price equals $17.15 per cwt, 69 cents less than the end of May. The five-year rolling average price of $18.07 per cwt in June makes this month the second consecutive month that the average futures price was less (-92 cents per cwt) than the five-year average. Read More