USDA announced September’s DMC Margin at $8.44 per hundredweight, up $2.02 from August and the highest payment this year. The margin resulted in a $1.06 per cwt indemnity payment, or about $839 per one million pounds of production history. The all-milk price was up $1.30 from July to $21.00 per cwt. in September, while feed prices declined 68 cents to $12.56 per cwt. Corn and soybean meal prices were at their lowest level this year, with corn down 52 cents from August to $5.21 per bushel and meal down falling $27.73 to $411.07 per ton. Alfalfa hay prices did improve, increasing $6 to $288 per ton. Based on current futures prices, indemnity payments are expected on October and December milk with November’s margin projected to be just above the $9.50 level. If these projections come to fruition, those enrolled in DMC at the $9.50 margin level could see a net benefit of $26,125 per one million pounds in 2023.
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