The United States Department of Agriculture announced the June Milk Income Loss Contract (MILC) payment rate of 22¢/cwt this afternoon, down from 74¢/cwt in May.
The feed cost adjustor was actually up a penny to $12.87/cwt of feed. But the Boston Class I price was up $1.17/cwt to $22.66 in June over May. That triggered the lower MILC payment.
You can read more about the MILC payment program here.
USDA also announced preliminary all-milk prices this afternoon as well. The U.S. all-milk price for July is pegged at $19.10, down 40¢/cwt from June. California prices averaged $17.40 in July; Florida, $23.50; New York, $20.30, and Wisconsin $19.50.
Alfalfa hay prices are also dropping. Average prices across the country dropped $11/ton, to $209 in July. Wisconsin alfalfa prices dropped $80/ton to $195. California prices only dropped $5, to $206/ton.
You can read more about July agricultural prices here.