By Lee Mielke
Farmers Advance
It was a week of COVID cases shooting higher across the country. Hurricane Ida attacked the Louisiana coast plunging New Orleans into darkness and causing flooding in Mississippi, even reaching to New York and New Jersey with rains and flooding. And, it was the U.S., in humiliating surrender, leaving Afghanistan after 20 years. With all that on our minds, I endeavor to report the dairy markets.
First, the Agriculture Department announced the August Federal order Class III benchmark milk price at $15.95 per hundredweight (cwt.), down 54 cents from July, $3.82 below August 2020, and the lowest Class III since February. The eight month Class III average stands at $16.78, down from $17.61 a year ago and compares to $15.83 in 2019.
Late Friday morning Class III futures had the September contract at $16.61 per cwt.; Oct., $16.84; Nov., $17.07; and Dec. at $17.40 per cwt.
The August Class IV price is $15.92 per cwt., down 8 cents from July but $3.39 above a year ago, and the lowest since April. Its average for the year stands at $15.12, up from $13.62 a year ago, and compares to $16.19 in 2019.