Federal Order Benchmark Milk Price Up 61 Cents

December 4, 2013 — The November Federal order Class III benchmark milk price was announced this afternoon by USDA at $18.83 per hundredweight (cwt.), up 61¢ from October, $2 below USDANovember 2012, and the highest it has been since December 2012. It equates to about $1.62/gallon. That brought the 2013 Class III average to $17.90, up from $17.33 at this time a year ago and compares to $18.33 in 2011, $14.46 in 2010, and $11.03 in 2009. The December Class III futures contract settled today at $19.19/cwt.. January settled at $18.66; February, $18.00; and March at $17.55 per cwt.

The November Class IV price is $20.52/cwt., up 35¢ from October and $1.86 above a year ago. The Class IV average now stands at $18.83, up from $15.84 a year ago and compares to $19.24 in 2011, $15.10 in 2010, and $10.51 in 2009.

The 4-week, AMS-surveyed cheese price used in calculating today’s prices was $1.8612/lb., up 5.9¢ from October. Butter averaged $1.5205/lb., down 2.5¢. Nonfat dry milk averaged $1.8892/lb., up 5.3¢, and dry whey averaged 58.31¢/lb., up 1¢.

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