Benchmark Milk Price Sets New Record High at $24.31/cwt.

April 30, 2014 –  The Agriculture Department announced the April Federal order Class III milk price today at an all time record high of $24.31 per hundredweight (cwt.), up 98 cents from March, $6.72 above April 2013, and equates to about $2.09 per gallon.

That will likely be the peak for 2014 as Class III futures settled today as follows: May, $22.55; June, $21.22; July, $20.43; August, $19.97; September, $19.87; October, $19.40; November, $18.94; and December, $18.61.

The Class III average for 2014 now stands at $23.04, up from $17.48 at this time a year ago, $16.14 in 2012, and $16.69 in 2011.

The April Class IV price is $23.34, down 32 cents from March but $5.24 above a year ago. Its 2014 average now stands at $23.19, up from $17.81 a year ago, $15.66 in 2012, and $18.50 in 2011.    The 4-week, NDPSR-surveyed cheese price used in calculating today’s milk prices was $2.3547 per pound, up 8.6 cents from March. Butter averaged $1.9227, up 6.7 cents. Nonfat dry milk averaged $2.0191, down 7.1 cents, and dry whey averaged 67.74 cents, up 2.2 cents. California’s comparable 4a and 4b prices will be announced tomorrow by the California Department of Food and Agriculture.

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