Friday morning, the U.S. Department of Agriculture revised its projected Class III milk price average for 2013 slightly downward.
The USDA now projects Class III prices to average between $17.65 and $18.45 per hundredweight, falling slightly from last month’s estimate of $18.00 to $18.80.
All-milk prices followed suit, tumbling to a range between $18.85 and $19.65 from last month’s estimate of $19.15 to $19.95.
The USDA also raised milk production in 2013 “as the decline in cow numbers is dampened from last month.”
The estimates are found in the World Agricultural Supply and Demand Estimates report.
Meanwhile, corn and soybean prices remain high. USDA economists anticipate corn prices will average between $6.80 and $8.00 per bushel, unchanged from last month’s report.
Soybean prices are expected to drop minimally, with projections ranging from $13.50 and $15.00 per bushel, down from last month’s expected range of $13.55 to $15.55.
The USDA also released its Grain Stocks report, showed that corn stored on farms is down 26 percent from 2011, while on farm soybean stocks also plunged, dropping by 20 percent from last year.