All-Milk Price Up a $1 From October
The United States Department of Agriculture released its November Agricultural Prices report this week, reporting that the U.S. All-Milk Price came in at $17.60, a full dollar per hundredweight higher than October. But the November price was still 60¢/cwt lower than a year ago.
A number of Midwest states, likely driven by higher cheese and butter prices, were up more than the national average. Wisconsin’s all-milk price for November was $18.70/cwt, up $1.70 from October. Minnesota’s all-milk price was also up $1.70, to $18.90. South Dakota was up $1.60, to $19.80/cwt, and Iowa was up $1.50, to $18.80.
California’s November all-milk price came in at $16.86, still lagging the national average price by 74¢/cwt. But California’s all-milk price was still better than New Mexico’s, at $15.60, Arizona’s, at $15.80, and Michigan, at $16.00. The highest all-milk price reported for November came in Florida, at $19.90. But that’s just a dime higher than prices in South Dakota and Oregon. You can read the complete Ag Prices report here.
USDA had not posted the milk-feed margin for November yet this morning. But our estimate is $9.98/cwt, based on the all-milk price of $17.60, corn at $3.23/bu, alfalfa at $130/ton and soybean meal at $322.41. A $9.98 margin would be the highest margin in a year, when the November 2015 milk-feed margin came in at $10.01.