Missouri Dairy Business UpdateCommercial Agriculture
Volume 3, Number 4

April 2003


Milk Prices

Milk prices have begun to strengthen. Increased culling, moderating milk production, and expectations about NMPF's CWT program are starting to pull summer futures above support levels.

According to the latest USDA Dairy Outlook, "Dairy cow slaughter remains large relative to a year earlier."

Historical Missouri milk prices may be found at: http://agebb.missouri.edu/modbu/milkprices.htm

Current USDA Milk Price Forecasts
16-Apr-031st Q 20032nd Q 20033rd Q 20034th Q 2003
Class III Price9.529.15 to 9.559.55 to 10.159.95 to 10.95
Class IV Price9.899.50 to 10.009.65 to 10.459.80 to 10.90
Source: USDA, ERS, Livestock, Dairy & Poultry Outlook
http://usda.mannlib.cornell.edu/reports/erssor/livestock/ldp-mbb/

2003 Milk Futures on the Chicago Mercantile Exchange
29-Apr-03Apr-03MayJuneJulyAugSeptOctNovDecJan-04FebMar
Class III Price$9.41$9.80$10.25$10.85$11.39$12.15$12.20$11.92$11.76$11.45$11.50$11.40
Class IV Price$9.85$10.15$10.15$10.17$10.25$10.30      

MILC payments hit $1.79 for May

To view the calculations behind the MILC payments and to check the very latest MILC payments check the NE Milk Marketing Administrators website at: http://www.fmmone.com/Northeast_Order/MILC%20calculator/DMLP.htm

Known MILC Payments for 2003 areEstimated MILC payments based on futures, as of 4/29/2003. Source http://cpdmp.cornell.edu/
January$1.41June$1.58
February$1.55July$1.54
March$1.75August$1.28
April$1.82September$1.09
May$1.79  


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