The USDA National Agricultural Statistics Service (NASS) has released its Agricultural Prices report, revealing a drop in the average milk income margin to $8.48 per hundredweight (cwt) and a decrease in the U.S. average milk price to $20.10 per cwt. The report also showed a decrease in national average costs for major feedstuffs. The January Dairy Margin Coverage (DMC) margin triggers Tier 1 indemnity payments for producers with $9.50 per cwt coverage level. Enrollment for the 2024 DMC program is open until April 29.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
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The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report Feb. 29, which includes feed costs used to calculate January Dairy Margin Coverage (DMC) program margins and indemnity payments. While average feed costs were lower than December 2023, another month of lower milk prices brought the average milk income margin to $8.48 per hundredweight (cwt). At look at January 2024 DMC DMC program margin factors compared to the previous month: Alfalfa hay: $274 per ton, down $1 from December 2023 Corn: $4.74 per bushel, down 6 cents Soybean meal: $378.40 per ton, down $62.20 Total feed costs: $11.62 per cwt, down 54 cents Milk price: $20.10 per cwt, down 50 cents Margin above feed cost: $8.48 per cwt, up 4 cents Source: USDA Farm Service Agency, National Ag Statistics Service and Ag Marketing Service, Feb. 29, 2024 Milk prices lower again The January 2024 announced U.S. average milk price fell 50 cents from December 2023 to $20.10 per cwt, exactly $3 ...
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