The Agriculture Department announced the August Federal order Class III milk price at $17.19 per hundredweight, up $3.42 from July but $2.91 below August 2022 and the highest Class III since April. The eight month average stands at $16.98, down from $22.54 at this time a year ago, and $16.78 in 2021.
Wednesday’s Class III futures settlements portend a September price at $18.87; October, $18.95; November, $18.54; December, $18.52; January 2024, $18.40; February, $18.39; and March at $18.41 per cwt.
The August Class IV price is $18.91, up 65 cents from July but $5.90 below a year ago, and the highest Class IV since January. Its eight month average is at $18.59, down from $24.83 a year ago and compares to $15.12 in 2021. Courtesy of the Mielke Market Weekly
