2023 Average Milk Price Down From 2022

The weighted average statistical uniform price for the Central Order #32, which includes most of Iowa and the I-29 corridor, decreased this year to $18.27 per cwt., a 26.60 percent decrease from 2022’s $23.13 average. Since implementation of Federal Order reform in 2000, the annual statistical uniform price in the Central Order has ranged from a low of $11.24 in 2002 to an all-time high of $23.13 last year. The 2023 weighted average Producer Price Differential (PPD) of $1.18 per cwt. is $0.04 more than the 2022 average. Producer marketings in the Central Order averaged 1.338 billion pounds per month during 2023, for a total of 16.053 billion pounds. This total is up 2.65 percent from 2022 and is 14.16 percent less than the record 18.700 billion pounds marketed during 2002.

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CME Prices Up In January

The Upper Midwest Dairy News reports commodity prices on the Chicago
Mercantile Exchange (CME) were up in January. Butter and nonfat dry milk (NFDM) saw the least amount of movement while cheese blocks, barrels, and whey saw the biggest gains from last month. Of these commodities, cheese blocks and barrels were lower than their prices last year at this time, but butter, NFDM, and whey were up. These trends are shown in the graph below.

Chicago Mercantile Exchange: Selected Dairy Commodity Prices

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Feeding For Protein And Profit Webinar on Sept 27

The Iowa State University Extension and Outreach Dairy Team’s 2023 Dairy Webinar Series continues Wednesday, September 27 from 12 noon to 1 p.m. CDT, with a focus on feeding for protein and profit.

“The August protein price moved up to 2.08 from the July price of 1.15. This refocuses producer interest on increasing the protein content of their milk,” notes Iowa State University and Extension Dairy Specialist Fred Hall.

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WASDE Projects Lower Milk Prices In 23 & 24

From the World Agricultural Supply and Demand Estimates released on July 12, the milk production forecast for 2023 is unchanged from last month. The milk production forecast for
2024 is reduced from last month, based on lower dairy cow inventories and slower growth in milk per cow.
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Global Dairy Trade Event 335 concluded with the GDT Price Index down 3.3%

Key Results

AMF index down 3.4%, average price US$4,579/MT
Butter index down 10.3%, average price US$4,842/MT
BMP index down 11.4%, average price US$2,189/MT
Ched index down 3.1%, average price US$4,386/MT
LAC index not available, average price not available
SMP index down 6.0%, average price US$2,525/MT
SWP not offered
WMP index down 0.4%, average price US$3,149/MT

Full results have been published on www.globaldairytrade.info.

I-29 Moo University Presents Producer Dairy Margins Webinar July 20

The I-29 Moo University 2023 Dairy Webinar Series continues Thursday, July 20 from 12 noon to 1 p.m. CDT with a focus on milk margins.

The webinar will feature Dr. Gonzalo Ferreira, associate professor in the School of Animal Sciences (former Department of Dairy Science), Virginia Tech. Dr. Ferreira will note that indications show that margins are not promising in the near future and that close attention to financial management is as critical now as it was during previous periods.

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April Milk In Iowa Falls 90 Cents Below 2022 Price

The average price received by farmers for milk during April 2023 in Iowa was $19.30 per cwt according to the latest USDA, National Agricultural Statistics Service – Agricultural Prices report. That was 90 cents below the March price and $7.80 below April 2022 and a 19-month low.

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Virtual Agricultural Lenders Seminar set for Nov. 10

Registration Now Open for Upcoming Seminar

Due to COVID-19 concerns, The Siouxland and Tri-State Agricultural Lenders Seminars have been combined into one virtual seminar set for Tuesday, November 10 from 10 a.m. to 3 p.m.

Lenders who serve agricultural clients – especially those who work with dairymen across the Upper Midwest – are encouraged to attend as the seminar will focus on market outlooks for livestock, grains and dairy, plus include a focus on exports and trade issues.

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Industry experts to discuss dairy outlook on the global and US dairy markets

Webinar for dairy producers and affiliated industry members Aug. 25

The I-29 Moo University Consortium welcomes Rabobank’s global dairy strategist Mary Ledman and Vice President of Dairy Research Ben Laine for a discussion on the outlook for the global and United States dairy markets during a webinar at noon on Tuesday, Aug. 25. There is no charge to attend the webinar, and it is open to all interested parties.

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