The milk-feed price ratio slipped to 2.29 during March — a decrease of 0.06 from February, according to the USDA’s “Agricultural Prices” report, released last week.

The USDA also revised the February ratio, decreasing it 0.02 to 2.35.

The decline in the ratio during March comes in response to low milk prices. The all-milk price used in the calculation slipped to $11.00— 40 cents less than February and $1.70 less than a year ago.

The price for corn used in the March calculation decreased 4 cents — to $2.30 per bushel — compared to the price used in the February calculation. On the other hand, the soybean price increased 3 cents — to $5.58 per bushel. The price per ton of baled alfalfa hay decreased just 20 cents — to $96.20 per ton.

The USDA calculates the milk-feed ratio by dividing the average feed price into the current milk price. Conditions are favorable for milk production whenever the ratio exceeds 3.0.