The Agriculture Department announced the June Federal order Class I base milk price this afternoon at $18.93 per hundredweight, up $1.17 from May, $3.69 above June 2012, and equates to about $1.63 per gallon. That brought the 2012 Class I average to $18.22, up from $16.48 at this time a year ago, and compares to $18.14 in 2011 and $14.42 in 2010.
The AMS-surveyed butter price used in the calculation averaged $1.6579 per pound, up fractionally from May. Nonfat dry milk averaged $1.6367, up 13.5 cents, cheese averaged $1.8388, up 15.9 cents, and dry whey averaged 57.41 cents, down about a half-cent.
Courtesy the Mielke Market Weekly