The United States Department of Agriculture (USDA) announced Thursday the May Milk Income Loss Contract payment rate for May will be $1.22/cwt.
This payment rate is a penny higher than April, and the largest MILC payment since September 2009, which came in at $1.24. Recall that the February through September 2009 MILC payments averaged $1.60/cwt, with the largest coming in March 2009 ($2.01/cwt.).
For more on the MILC program, which is set to expire September 20, 2012, click here.
USDA also announced the May all-milk price at $16.20/cwt, which is the average price received by dairy producers across the country. The preliminary June all-milk price is $16.10, which would be $4.90 lower than the June 2011 all-milk price. The May 2012 all-milk price is $3.40/cwt lower than last year.
USDA’s June ag price report can be found here. http://usda01.library.cornell.edu/usda/current/AgriPric/AgriPric-06-28-2012.pdf