An Overview of MilkAn Overview of MilkPricing Under Federal OrdersPricing Under Federal Orders
(Milk Pricing 101)(Milk Pricing 101)
July 8, 2003July 8, 2003
Brian W. GouldSenior Research Scientist
Wisconsin Center for Dairy Research andDepartment of Agricultural and Applied Economics
Wisconsin Center for Dairy Research
Summary of PresentationSummary of Presentation
Review Objectives of Federal Order SystemReview Objectives of Federal Order System
Overview of Classified Pricing SystemOverview of Classified Pricing System
Review Current Milk Pricing FormulasReview Current Milk Pricing Formulas
Work Through Example of May 2003Work Through Example of May 2003
Evolution of Current Federal Order SystemEvolution of Current Federal Order System
Enabled by Agricultural Marketing Agreement Act of 1937Enabled by Agricultural Marketing Agreement Act of 1937 Not mandatoryNot mandatory Dairy producers request and approve Dairy producers request and approve via via referendareferenda
Three main objectives:Three main objectives: Assure consumers adequate beverage (fluid) milk Assure consumers adequate beverage (fluid) milk
supply at reasonable pricesupply at reasonable price Promote producer price stability and orderly marketingPromote producer price stability and orderly marketing Provide sufficient producer prices to guarantee Provide sufficient producer prices to guarantee
adequate Grade A milk supplyadequate Grade A milk supply
Evolution of Current Federal Order SystemEvolution of Current Federal Order System
These objectives achieved through:These objectives achieved through:
Classified pricingClassified pricing: : MinimumMinimum pay prices established pay prices establishedfor milk (and components) according to milk utilizationfor milk (and components) according to milk utilization
PoolingPooling: Within each order, producers receive : Within each order, producers receive uniform milk price (based upon quality and composition), uniform milk price (based upon quality and composition), regardless of how their milk is actually used regardless of how their milk is actually used ((this will not be covered todaythis will not be covered today))
Evolution of Current Federal Order SystemEvolution of Current Federal Order System
1960 1970 1980 1990 2002
Orders (No.) 80 62 47 42 11
Producers (No.) 189,816 143,411 117,490 100,397 63,856
Producer Deliveries (Mil. Lbs.)
44,812 65,104 83,998 102,396 125,546
Delivery/Producer (Cwt)
2,361 4,540 7,149 10,199 19,661
% of U.S. Milk:
Grade A 64 79 80 77 77
All Milk 43 59 67 70 76
31 Orders 11 Orders
Evolution of Current Federal Order SystemEvolution of Current Federal Order System
Prior to 2000Prior to 2000 After Jan. 2000After Jan. 2000
Note: CA, with 20% of U.S. milk production, is not part of FMMONote: CA, with 20% of U.S. milk production, is not part of FMMO
Classified Pricing of Farm MilkClassified Pricing of Farm Milk
Four classes of milk under Federal Orders Four classes of milk under Federal Orders Class I: beverage productsClass I: beverage products Class II: soft manufactured products (Class II: soft manufactured products (e.g.e.g., ice cream, , ice cream,
cottage cheese and creams)cottage cheese and creams) Class III: hard cheese and cream cheesesClass III: hard cheese and cream cheeses Class IV: butter and dry milk products (Class IV: butter and dry milk products (e.g.,e.g., NDM) NDM)
Under Federal pricing system, formulas used to set Under Federal pricing system, formulas used to set monthly monthly minimumminimum pay prices for each class of milk pay prices for each class of milk Proprietary plantsProprietary plants Coops should pay at-least minimumCoops should pay at-least minimum
Classified Pricing of Farm MilkClassified Pricing of Farm Milk
Class III and IV minimum prices Class III and IV minimum prices Friday on or before the 5Friday on or before the 5thth of month of month followingfollowing
production (production (e.g.e.g., July ’03 prices announced on Aug. 1), July ’03 prices announced on Aug. 1)
Based on product formulas relating milk component Based on product formulas relating milk component values (values (e.g.e.g., fat, protein, solids-not-fat) to:, fat, protein, solids-not-fat) to: Wholesale dairy product pricesWholesale dairy product prices Product yieldProduct yield Assumed manufacturing costsAssumed manufacturing costs
Price data collected by NASS and averaged over Price data collected by NASS and averaged over 4-5 week period (depending on month)4-5 week period (depending on month)
Classified Pricing of Farm MilkClassified Pricing of Farm Milk
Class III and IV price/cwt: multiply component Class III and IV price/cwt: multiply component volume/cwt at standard composition by derived component volume/cwt at standard composition by derived component valuesvalues
Classified Pricing of Farm MilkClassified Pricing of Farm Milk
Class I and II minimum prices Class I and II minimum prices Based on Class III and IV price formulas Based on Class III and IV price formulas
Calculated over different/shorter periodCalculated over different/shorter period
Friday on or before 23Friday on or before 23rdrd of month of month priorprior to production to production month (e.g., July 2003 Class I price and II skim milk month (e.g., July 2003 Class I price and II skim milk price announced on June 20price announced on June 20thth ) )
Uses most recent 2 weeks of wholesale NASS dataUses most recent 2 weeks of wholesale NASS data
Classified Pricing of Farm MilkClassified Pricing of Farm Milk
Some Assumptions:Some Assumptions: Farm Milk:Farm Milk:
3.5% fat3.5% fat 3.1% of skim is 3.1% of skim is true proteintrue protein (3.3% total protein) (3.3% total protein)
2.9915% of farm milk (3.1*.965)2.9915% of farm milk (3.1*.965) 82.2% of true protein is casein82.2% of true protein is casein 5.9% other solids (8.685% total non-fat solids)5.9% other solids (8.685% total non-fat solids)
Cheddar CheeseCheddar Cheese 90.0% fat retention, 95.9% casein retention90.0% fat retention, 95.9% casein retention 38% moisture38% moisture Cheese yield of 1.383/lb protein, 1.572/lb butterfatCheese yield of 1.383/lb protein, 1.572/lb butterfat
(based on Van Slyke cheese yield formula)(based on Van Slyke cheese yield formula) ““Gross” cheese yield of 9.685 lb/cwt (9.6615 lb/cwt Gross” cheese yield of 9.685 lb/cwt (9.6615 lb/cwt
net after farm-plant losses)net after farm-plant losses)
Class IV Pricing FormulasClass IV Pricing Formulas
Milk Used to Make Butter and Dry Milk ProductsMilk Used to Make Butter and Dry Milk Products Based on Wholesale Butter and NDM PricesBased on Wholesale Butter and NDM Prices
(1) Class IV (1) Class IV (and III)(and III) Butterfat Price/lb = Butterfat Price/lb =(NASS avg. monthly AA butter price – 0.115) X 1.20(NASS avg. monthly AA butter price – 0.115) X 1.20
(2) Nonfat Solids Price/lb =(2) Nonfat Solids Price/lb =(NASS Monthly NDM Price – 0.14) X 0.99 (NASS Monthly NDM Price – 0.14) X 0.99
(3)(3) Class IV Skim Milk Price = 9.0 X Nonfat Solids PriceClass IV Skim Milk Price = 9.0 X Nonfat Solids Price
(4)(4) Class IV Price = 3.5 X Butterfat Price + Class IV Price = 3.5 X Butterfat Price + 0.965 X Class IV Skim Milk Price0.965 X Class IV Skim Milk Price
Make Make AllowanceAllowance
Make Make AllowanceAllowance
Lbs. Butter Lbs. Butter Per Lb Per Lb Milk fatMilk fat
Lbs. NDM Lbs. NDM Per Lb Per Lb
NF SolidsNF Solids
Lbs. NF Solids/CwtLbs. NF Solids/Cwt
% Skim/100% Skim/100
Lbs. BF/CwtLbs. BF/Cwt
Class IV Pricing FormulasClass IV Pricing Formulas
After Substituting (1), (2), and (3) into (4): After Substituting (1), (2), and (3) into (4):
(5)(5) Class IV Price =Class IV Price = 4.20 x NASS Butter Price 4.20 x NASS Butter Price + + 8.60 x NASS Nonfat Dry Milk Price8.60 x NASS Nonfat Dry Milk Price– – 1.691.69
A $0.10/lb change in butter price will change Class IV price A $0.10/lb change in butter price will change Class IV price by $0.42/cwt in the same directionby $0.42/cwt in the same direction
A $0.10/lb change in NDM price will change Class IV price A $0.10/lb change in NDM price will change Class IV price by $0.86/cwt in the same directionby $0.86/cwt in the same direction
Class IV Pricing FormulasClass IV Pricing Formulas
NASS Grade AButter Price
Butterfat Price($/lb)
Class IV Price ($/cwt)
NASS NDMPrice ($/lb)
NonfatSolids Price
($/lb)
Class IV Skim Price
($/cwt)
(1)
x 3.5
x 0.965(2) x 9.0
Note: The numbers in parentheses identify product price formulaNote: The numbers in parentheses identify product price formula
Class III Pricing FormulasClass III Pricing Formulas
Milk Used to Make Cream Cheese and Hard CheesesMilk Used to Make Cream Cheese and Hard Cheeses
(1) Class IV/III Butterfat Price/Lb. =(1) Class IV/III Butterfat Price/Lb. =(NASS monthly AA butter price – 0.115) x 1.20 (NASS monthly AA butter price – 0.115) x 1.20
(6) Other Solids Price/Lb. = (6) Other Solids Price/Lb. = (NASS Monthly Dry Whey Price – 0.159) x 1.03(NASS Monthly Dry Whey Price – 0.159) x 1.03
(7) Protein Price/Lb. =(7) Protein Price/Lb. =(NASS Monthly Cheese Price – 0.165) x 1.383 +(NASS Monthly Cheese Price – 0.165) x 1.383 +{[(NASS Monthly Cheese Price – 0.165) x 1.572] –{[(NASS Monthly Cheese Price – 0.165) x 1.572] – 0.9 x Butterfat Price} x 1.170.9 x Butterfat Price} x 1.17
Make Make AllowanceAllowance
Lbs. Butter Lbs. Butter Per Lb Per Lb Milk fatMilk fat
Make Make AllowanceAllowance
Lbs. OS Lbs. OS Per Lb Per Lb
OSOS
Make Make AllowanceAllowance
Protein-Based YieldProtein-Based Yield
Fat-Based YieldFat-Based Yield
Fat-Protein RatioFat-Protein RatioFat RetentionFat Retention
Class III Pricing FormulasClass III Pricing Formulas
(8)(8) Class III Skim Milk Price = 3.1 x Protein Price + Class III Skim Milk Price = 3.1 x Protein Price + 5.9 x Other Solids Price5.9 x Other Solids Price
(9) Class III Price = 3.5 x Class IV/III Butterfat Price + (9) Class III Price = 3.5 x Class IV/III Butterfat Price + 0.965 x Class III Skim Milk Price 0.965 x Class III Skim Milk Price
Assumed Composition/CwtAssumed Composition/CwtLbs. Fat/CwtLbs. Fat/Cwt
% Skim/100% Skim/100
Class III Pricing FormulasClass III Pricing Formulas
After Substituting (1), (6), (7), and (8) into (9):After Substituting (1), (6), (7), and (8) into (9): (10) Class III Price =(10) Class III Price = 9.64 x NASS Cheese Price9.64 x NASS Cheese Price
+ 0.42 x NASS Butter Price+ 0.42 x NASS Butter Price+ 5.86 x NASS Dry Whey Price + 5.86 x NASS Dry Whey Price - 2.57- 2.57
$0.10 increase in cheese, butter, and dry-whey prices will $0.10 increase in cheese, butter, and dry-whey prices will increase Class III price $0.964, $0.042 and $0.586 per cwt, increase Class III price $0.964, $0.042 and $0.586 per cwt, respectivelyrespectively
Class III Pricing FormulasClass III Pricing Formulas
NASS Grade AButter Price
Butterfat Price($/lb)
Class III Price ($/cwt)
NASS DryWhey Price ($/lb)
OtherSolids Price
($/lb)
Class III Skim Price
($/cwt)
(1)
x 3.5
x 0.965(6) x 5.9
Note: The numbers in parentheses identify product price formulaNote: The numbers in parentheses identify product price formula
NASS CheesePrice ($/lb)
Protein Price($/lb)
x 3.1(7)
Class II Pricing FormulasClass II Pricing Formulas Minimum price for Class II Minimum price for Class II skim milkskim milk portion announced portion announced
in advance of production monthin advance of production month
(11) Advanced Nonfat Solids Price/Lb. =(11) Advanced Nonfat Solids Price/Lb. =(NASS Two-Week NDM price - 0.14) x 0.99(NASS Two-Week NDM price - 0.14) x 0.99
(12) Advanced Class IV Skim Milk Price Factor/Cwt. =(12) Advanced Class IV Skim Milk Price Factor/Cwt. =9.0 x Advanced Nonfat Solids Price9.0 x Advanced Nonfat Solids Price
(13) Class II Skim Milk Price/Cwt. = (13) Class II Skim Milk Price/Cwt. = Advanced Class IV Skim Milk Price Factor + $0.70Advanced Class IV Skim Milk Price Factor + $0.70
(14) Class II Nonfat Solids Price/Lb. =(14) Class II Nonfat Solids Price/Lb. =Class II Skim Milk Price/Cwt. ÷ 9.0Class II Skim Milk Price/Cwt. ÷ 9.0
Lbs. NDM Lbs. NDM Per Lb Per Lb
NF SolidsNF Solids
Make Make AllowanceAllowance
Lbs. NF Solids/CwtLbs. NF Solids/Cwt DifferentialDifferential
Lbs. NF Solids/CwtLbs. NF Solids/Cwt
Class II Pricing FormulasClass II Pricing Formulas
Minimum price for Class II butterfat determined as Class Minimum price for Class II butterfat determined as Class III/IV butterfat price plus differential (III/IV butterfat price plus differential (e.g.,e.g., announced by announced by 55thth of the month following production) of the month following production)
(15) Class II Butterfat Price/Lb. =(15) Class II Butterfat Price/Lb. =Class IV/III Butterfat Price + $0.007Class IV/III Butterfat Price + $0.007
Total Class II price combines advanced skim milk and Total Class II price combines advanced skim milk and butterfat valuebutterfat value
(16) Class II Price/Cwt. = (16) Class II Price/Cwt. = 0.965 x Class II Advanced Skim Milk Price + 0.965 x Class II Advanced Skim Milk Price + 3.5 x Class II Butterfat Price3.5 x Class II Butterfat Price
DifferentialDifferential
Lbs. Fat/CwtLbs. Fat/Cwt% Skim/100% Skim/100
Class I Pricing FormulasClass I Pricing Formulas
Unlike Class II, both skim and butterfat portions of Class I Unlike Class II, both skim and butterfat portions of Class I are are advanced-pricedadvanced-priced Skim milk value based on Skim milk value based on higher ofhigher of advanced Class III advanced Class III
or IV skim pricing factorsor IV skim pricing factors Eq. (11) and (12) show advanced Class IV milk pricing Eq. (11) and (12) show advanced Class IV milk pricing
factorfactor Butterfat value based on Class III/IV formula (Eq. 1)Butterfat value based on Class III/IV formula (Eq. 1)
Class I Pricing FormulasClass I Pricing Formulas Advanced Class III skim milk pricing factor based on skim Advanced Class III skim milk pricing factor based on skim
milk pricing factor used in Class III calculation except for milk pricing factor used in Class III calculation except for use of 2-week price datause of 2-week price data
Similar to eq. (1):Similar to eq. (1):(17) Class III Advanced Butterfat Price/Lb. =(17) Class III Advanced Butterfat Price/Lb. =
(NASS 2-Week AA Butter Price – 0.115) x 1.20 (NASS 2-Week AA Butter Price – 0.115) x 1.20
Similar to eq. (7):Similar to eq. (7):(18) Class III Advanced Protein Price/Lb. = (18) Class III Advanced Protein Price/Lb. =
(NASS 2-Week Cheese Price – 0.165) x 1.383 +(NASS 2-Week Cheese Price – 0.165) x 1.383 +{[(NASS 2-Week Cheese Price – 0.165) x 1.572] – {[(NASS 2-Week Cheese Price – 0.165) x 1.572] – 0.9 X Advanced Butterfat Price} x 1.170.9 X Advanced Butterfat Price} x 1.17
Make Make AllowanceAllowance
Make Make AllowanceAllowance
Protein-Based YieldProtein-Based Yield
Fat-Based YieldFat-Based Yield
Fat-Protein RatioFat-Protein RatioFat RetentionFat Retention
Lbs. Butter Lbs. Butter Per Lb Per Lb Milk fatMilk fat
Class I Pricing FormulasClass I Pricing Formulas Similar to Eq. (6):Similar to Eq. (6):(19) Class III Advanced Other Solids Price/Lb. = (19) Class III Advanced Other Solids Price/Lb. =
(NASS 2-Week Dry Whey Price – 0.159) x 1.03(NASS 2-Week Dry Whey Price – 0.159) x 1.03
Similar to Eq. (8):Similar to Eq. (8):(20) Advanced Class III Skim Milk Price Factor = (20) Advanced Class III Skim Milk Price Factor =
3.1 x Class III Advanced Protein Price + 3.1 x Class III Advanced Protein Price + 5.9 x Class III Advanced Other Solids Price5.9 x Class III Advanced Other Solids Price
Make Make AllowanceAllowance
Lbs. OS Lbs. OS Per Lb Per Lb
OSOS
Assumed Composition/CwtAssumed Composition/Cwt
Class I Pricing FormulasClass I Pricing Formulas
(21) Class I Skim Milk Price = Higher of: (21) Class I Skim Milk Price = Higher of: Advanced Class III Advanced Class III oror Class IV Skim Milk Price Class IV Skim Milk Price+ Class I Differential+ Class I Differential
Class I Pricing FormulasClass I Pricing Formulas
(22) Class I Butterfat Price/Lb. =(22) Class I Butterfat Price/Lb. = Advanced Butterfat Advanced Butterfat Price + Price + (Class I Differential ÷ 100) (Class I Differential ÷ 100)
(23) Class I Price/Cwt. = 0.965 x Class I Skim Milk Price + (23) Class I Price/Cwt. = 0.965 x Class I Skim Milk Price + 3.5 x Class I Butterfat Price 3.5 x Class I Butterfat Price
Lbs. Fat/CwtLbs. Fat/Cwt% Skim/100% Skim/100
Example of Class Price CalculationsExample of Class Price Calculations
Average NASS Survey PricesAverage NASS Survey Prices
CommodityCommodity
May Advanced PricingMay Advanced Pricing May Class PricesMay Class Prices
April 18, 2003April 18, 2003(Avg. for Apr. 5(Avg. for Apr. 5thth & &
1212thth
May 30, 2003May 30, 2003(Avg. for 4 weeks (Avg. for 4 weeks ending May 25)ending May 25)
ButterButter 1.07021.0702 1.07431.0743
NDMNDM 0.80320.8032 0.80400.8040
CheeseCheese 1.08421.0842 1.13941.1394
Dry WheyDry Whey 0.15890.1589 0.14500.1450
Example of Class Price CalculationsExample of Class Price Calculations
Component PriceComponent PriceEq. Eq. No.No.
EquationEquation ValueValue
Advanced Butterfat ($/Lb)Advanced Butterfat ($/Lb) 1717 ((1.07021.0702 – 0.115) X 1.20– 0.115) X 1.20 1.14621.1462
Class III Advanced Protein Class III Advanced Protein ($/Lb)($/Lb)
1818((1.08421.0842 – 0.165) X 1.383 + – 0.165) X 1.383 +{[({[(1.08421.0842 – 0.165) X 1.582] – – 0.165) X 1.582] – 0.9 X 0.9 X 1.14621.1462} X 1.17} X 1.17
1.75491.7549
Class III Advanced Other Class III Advanced Other Solids ($/Lb)Solids ($/Lb)
1919 ((0.15890.1589 – 0.159) X 1.03 – 0.159) X 1.03 -0.0001-0.0001
Advanced Nonfat Milk Solids Advanced Nonfat Milk Solids ($/Lb)($/Lb)
1111 ((0.80320.8032 – 0.14) X 0.99 – 0.14) X 0.99 0.65660.6566
Calculation of May ’03 Advanced PricesCalculation of May ’03 Advanced Prices
Note: With Class III pricing formula effective April 2003, Other Solids Note: With Class III pricing formula effective April 2003, Other Solids price is not price is not snubbedsnubbed at zero and is negative whenever NASS dry-whey at zero and is negative whenever NASS dry-whey price is less than $0.159/lb. (green: NASS data, yellow: calculated value)price is less than $0.159/lb. (green: NASS data, yellow: calculated value)
Example of Class Price CalculationsExample of Class Price Calculations
Component/Class PriceComponent/Class PriceEq. Eq. No.No.
EquationEquation ValueValue
Class IV Skim Milk Price Class IV Skim Milk Price Factor ($/Cwt)Factor ($/Cwt)
1212 9.0 X 9.0 X 0.65660.6566 5.915.91
Class II Skim Milk ($/Cwt)Class II Skim Milk ($/Cwt) 1313 5.915.91 + 0.70 + 0.70 6.616.61
Class II Nonfat Solids ($/Lb)Class II Nonfat Solids ($/Lb) 1414 6.616.61 ÷ 9.0 ÷ 9.0 0.73440.7344
Class III Skim Milk Price Class III Skim Milk Price Factor ($/Cwt)Factor ($/Cwt)
2020 3.1 x 3.1 x 1.75491.7549 + 5.9 x + 5.9 x (-.0001)(-.0001) 5.445.44
Class I Skim Milk ($/Cwt)Class I Skim Milk ($/Cwt) 2121 5.915.91 + 1.80 (@ Base Zone) + 1.80 (@ Base Zone) 7.717.71
Class I Butterfat ($/Cwt)Class I Butterfat ($/Cwt) 2222 1.14621.1462 + (1.80 ÷ 100) + (1.80 ÷ 100) 1.16421.1642
Class I @ Test ($/Cwt)Class I @ Test ($/Cwt) 2323 (0.965 x (0.965 x 7.717.71) + (3.5 x ) + (3.5 x 1.16421.1642)) 11.5111.51
Calculation of May ’03 Advanced PricesCalculation of May ’03 Advanced Prices
yellow: calculated valueyellow: calculated value
Example of Class Price CalculationsExample of Class Price Calculations
Calculation of May ’03 Class PricesCalculation of May ’03 Class Prices
Component ValueComponent ValueEq. Eq. No.No.
EquationEquation ValueValue
Butterfat ($/Lb)Butterfat ($/Lb) 11 ((1.07431.0743– 0.115) x 1.20– 0.115) x 1.20 1.15121.1512
Protein ($/Lb)Protein ($/Lb) 77((1.13941.1394 – 0.165) x 1.383 + – 0.165) x 1.383 +{[({[(1.13941.1394 – 0.165) x 1.582] – 0.9 – 0.165) x 1.582] – 0.9 x x 1.15121.1512} x 1.17} x 1.17
1.92751.9275
Other Solids ($/Lb)*Other Solids ($/Lb)* 66 ((0.14500.1450 – 0.159) x 1.03 – 0.159) x 1.03 -0.0144-0.0144
Nonfat Milk Solids ($/Lb)Nonfat Milk Solids ($/Lb) 22 ((0.80400.8040 – 0.14) x 0.99 – 0.14) x 0.99 0.65740.6574
Example of Class Price CalculationsExample of Class Price Calculations
Calculation of May ’03 Class PricesCalculation of May ’03 Class Prices
Class PriceClass PriceEq. Eq. No.No.
EquationEquation ValueValue
Class IV Skim Milk Class IV Skim Milk ($/Cwt)($/Cwt)
33 9.0 x 9.0 x 0.65740.6574 5.925.92
Class IV Milk ($/Cwt)Class IV Milk ($/Cwt) 44 (3.5 X (3.5 X 1.15121.1512) + (0.965 x ) + (0.965 x 5.925.92)) 9.749.74
Class III Skim Milk Class III Skim Milk ($/Cwt)($/Cwt)
88 (3.1 X (3.1 X 1.92751.9275) + (5.9 x ) + (5.9 x (-0.0144)(-0.0144))) 5.895.89
Class III Milk ($/Cwt)Class III Milk ($/Cwt) 99 (3.5 X (3.5 X 1.15121.1512) + (0.965 x ) + (0.965 x 5.895.89)) 9.719.71
Class II Butterfat Price Class II Butterfat Price ($/Lb)($/Lb)
1515 1.1512 1.1512 + 0.007+ 0.007 1.15821.1582
Class II Milk ($/Cwt)Class II Milk ($/Cwt) 1616 (0.965 x (0.965 x 6.616.61) + (3.5 x ) + (3.5 x 1.15821.1582) ) 10.4310.43
yellow: calculated, red: correction from your handoutyellow: calculated, red: correction from your handout
Where Can You Obtain DairyWhere Can You Obtain DairyMarketing Information?Marketing Information?
Univ. of Wisconsin Dairy Marketing WebsiteUniv. of Wisconsin Dairy Marketing Website ((www.aae.wisc.edu/futurewww.aae.wisc.edu/future))
Basic Milk Pricing Concepts for Dairy FarmersBasic Milk Pricing Concepts for Dairy Farmers by byEd Jesse and Bob Cropp, Univ. of Wisconsin Ed Jesse and Bob Cropp, Univ. of Wisconsin
Extension Publication, July 2003Extension Publication, July 2003
Brian W. GouldBrian W. Gould Wisconsin Center for Dairy ResearchWisconsin Center for Dairy Research (608)263-3212(608)263-3212 [email protected]@aae.wisc.edu