USDA announced the September 2023 margin under the Dairy Margin Coverage (DMC) Program at $8.44 per hundredweight (cwt.), up $1.98 from August and the highest for 2023. While it still resulted in an indemnity payment of $1.06 per cwt., or about $830 per each one million pounds covered at the maximum $9.50 level, the margin is well above the catastrophic lows reported in June and July of below $4 per cwt.
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