USDA announced the November margin under its Dairy Margin Coverage Program last week. With feed costs falling 4 cents from October and the all-milk price up 10 cents, the November margin was announced at $9.58 per cwt., up 14 cents from October and the highest margin in 2023. The November margin is eight cents above the maximum $9.50 coverage level, so no indemnity will be paid this month. The lower feed costs were fueled by a 27 cent drop in the per-bushel corn price and a $7 drop in the per-ton alfalfa hay price. Soybean meal prices were up $48.11 per ton. The November all milk price was announced at $21.70 per cwt., the second highest of the year.
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