For the Dairy Margin Coverage (DMC) program, the USDA announced March’s
margin at $11.55 per hundredweight (cwt). While the margin
narrowed by $1.57 per cwt from the prior month’s
$13.12 per cwt, March’s margin was still $2.05 per cwt over
the $9.50 trigger price for an indemnity payment. We still
have not seen indemnities paid out at any coverage level for
the first quarter of the 2025 program year.