USDA announced September’s DMC Margin at $8.44 per hundredweight, up $2.02 from August and the highest payment this year. The margin resulted in a $1.06 per cwt indemnity payment, or about $839 per one million pounds of production history. The all-milk price was up $1.30 from July to $21.00 per cwt. in September, while feed…
Total milk production across the US was essentially flat in September, according to the latest USDA Milk Production report, with the nation’s dairy herd producing 17.465 billion pounds. Average milk production per cow was up 3 pounds from a year ago, while the nation’s dairy herd lost 16,000 head in the past 12 months. The…
USDA’s latest production numbers indicate we may have hit a floor in what we can expect for feed costs right now. The agency released its World Agricultural Supply and Demand Estimates report last week and cut yield expectations for both corn and soybeans. The average yield per acre for corn was decreased by 0.5 percent…
USDA announced the September Class III price at $18.39 per hundredweight, up $1.20 from August but $1.43 from a year ago. October’s price is the third highest Class III price for the year. Looking ahead, Class III futures prices on the CME fall below $17 for October with the last quarter of 2023 averaging only…
Butter prices on the CME have been steadily increasing, on the heels of last week’s Cold Storage report that showed butter inventories down 40.3 million pounds from July to August. Since the end of July, the spot butter price on the CME is up 66 cents to an all-time high of $3.34 per pound on…
According to the latest USDA Cold Storage report, butter inventories are down 40.3 million pounds form July to August, or 12 percent, to 289.1 million pounds at the end of August. This is the largest August decline in inventories since 2015. Butter stocks were still up 4 percent from a year ago. Total cheese inventories…
USDA announced the October Class I base price at $19.47 per hundredweight, up 57 cents from September but down $3.24 from a year ago. Total milk production in the US is down for the second month in a row, with August production levels slipping 0.2 percent from a year ago to 18.975 billion pounds nationwide….
USDA reported its June fluid milk product sales a couple of weeks ago, with total milk sales falling almost 300 million pounds, or 8.5 percent, from May to about 3.064 billion pounds, or about 356.2 gallons, in June. When fluid milk sales drop during the summer months, some of that milk is often diverted into…
The August Class III milk price was announced at $17.19 per cwt., up $3.42 from July’s low but down $5.33 from year-ago levels. Class III futures prices on the CME continue their rebound in September and average $18.69 per cwt for the reminder of the year. USDA announced the August Class IV price at $18.91…
Higher cull values coupled with tighter dairy margins are continue to drive dairy cow slaughter levels. Dairy cow slaughter was up 6.1 percent, or about 14,000 head, from a year ago to 244,200 head culled in July. Dairy cows culled in July did fall from June, though, according to the latest USDA Livestock Slaughter report,…
