Tridge summary
The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report, indicating a decrease in feed costs for the July Dairy Margin Coverage (DMC) program, with total feed costs per cwt of milk sold at $10.47, a decrease of 67 cents since the previous month. Despite this, the all-milk price for July remained unchanged at $22.80 per cwt, being $5.50 higher than the previous year. Milk price increases were recorded in most dairy states, with the highest in Georgia and Florida. The DMC margin for July was $12.33 per cwt, the highest since May 2022, and no indemnity payments were made as the realized margin was higher than the top coverage level in Tier 1. The DMC online decision tool predicts further improvement in margins for the rest of the year, with a high of $15.70 per cwt in November.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report Aug. 30, which includes feed costs used to calculate the July Dairy Margin Coverage (DMC) program margins and indemnity payments. July’s margin was $12.33 per hundredweight (cwt). A glance at July 2024 DMC DMC program margin factors compared to the previous month: Alfalfa hay: $237 per ton, down $19 Corn: $4.24 per bushel, down 24 cents Soybean meal: $364.30 per ton, down $19.80 Total feed costs: $10.47 per cwt, down 67 cents Milk price: $22.80 per cwt, unchanged Margin above feed costs: $12.33 per cwt, up 67 cents Source: USDA Farm Service Agency, National Ag Statistics Service and Marketing Service, Aug. 30, 2024 Milk prices remain strong The announced all-milk price for July was $22.80 per cwt, unchanged from June and $5.50 higher than a year ago. This value is reflective of prices received nearly two years ago as production and demand have kept pace with each other. A majority of ...
Source: Progressivedairy
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