National Dairy Products Sales Report weekly highlights
USDA’s weekly National Dairy Products Sales Report indicated Grade AA butter prices averaged $1.67/lb. for the week ending Jan. 25, up 4.5¢ from the previous week.
U.S. 40-lb. block cheddar cheese averaged $2.14/lb., up 6.9¢ from the previous week. The price for 500-lb. cheddar barrels, adjusted to 38% moisture, averaged $2.15/lb., up 10.7¢.
USDA Extra Grade dry whey averaged 60.9¢/lb., up 1.3¢. USDA Extra Grade nonfat dry milk averaged $2.04/lb., up 0.8¢ from the previous week.
California NFDM prices
The weekly nonfat dry milk powder report has been posted to the California Department of Food & Agriculture Dairy Marketing Branch website.
For the week ending Jan. 24, the average price was $2.0085/lb. on total sales of 7.69 million lbs.
For the week ending Jan. 17, the average price was $2.0044/lb. on total sales of 10.49 million lbs.
Is there a problem with USDA grain stocks estimates in corn?
In a farmdoc daily post last week, University of Illinois ag economists Scott Irwin and Darrel Good and Southern Illinois ag economist Dwight Sanders summarized the results of a research report evaluating USDA forecasts and estimates for corn and soybeans. Many of the concerns about the forecasts and estimates since 2006 have centered on the accuracy of the quarterly USDA estimates of corn stocks.
Today's post, the second in a series, reviews evidence about potential problems with USDA corn stocks estimates, yielding what they call "market surprises."
2013 Central FMMO highlights
Central Federal Milk Marketing Order producer prices registered a moderate increase in 2013 compared with the previous year, according to the administrator's monthly Market Services Bulletin. The 2013 Central weighted average statistical uniform price was $18.82/cwt., a 9.36% increase from 2012's average of $17.21/cwt.
Since federal order reform in 2000, the annual statistical average uniform price has averaged $14.88/cwt., ranging from a low of $11.24/cwt. in 2002 to the high of $19.19/cwt. in 2011.
Producer marketings on the Central Order totaled 15.2 billion lbs. in 2013, up 13.5% from 2012, but below the record of 18.7 billion lbs. marketed during 2002. Central Order 2013 marketings were the fourth highest among all federal orders, trailing the Upper Midwest, Northeast and Mideast Orders.
Class I utilization for the Central Order was 32.02% of producer receipts in 2013, ranking seventh among the 10 federal milk orders.