Wednesday marked the first day of a once-in-a-generation hearing on federal milk pricing. USDA’s Federal Milk Marketing Order hearing is underway as dairy producers make their case for changes to the pricing program. National Milk Producers Federation President and CEO Jim Mulhern says, “Thanks to the tireless efforts of dairy farmers and their cooperatives, this industry is poised for progress as Federal Milk Marketing Order modernization is now in sight.” The industry expects five to seven weeks of testimony and discussion on proposals to modernize the FMMO system. Following USDA’s initial presentations, the hearing will then launch into discussions of specific issues placed within the scope of the hearing. After the hearing’s conclusion, entities involved in the hearing then have a period of time to respond to the testimony, followed by a USDA draft decision, then more discussion, and ultimately a vote among dairy farmers on a final proposal, likely in the second half of 2024.
Wednesday Midday Dairy Market Summary - Cheddar Blocks Rally 5.50 Cents
OUTSIDE MARKETS SUMMARY: CORN: 3 Lower SOYBEANS: 5.75 Higher SOYBEAN MEAL: ...
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GENERAL OVERVIEW: Milk futures closed with mostly double-digit gains. Class III futures closed mostly higher despite weakness in the b...
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OUTSIDE MARKETS SUMMARY: CORN: 25 Lower SOYBEANS: 14 Lower SOYBEAN MEAL: ...
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GENERAL OVERVIEW: The USDA released the October WASDE report today, lowering expected milk production for 2026 and 2027, while simulta...
