Tuesday morning, the U.S. Department of Agriculture projected that the Class III milk price in 2013 will average between $18 and $18.80 per hundredweight ― up from last month’s estimate of $17.85 to $18.75.
However, the all-milk price estimate for 2013 is basically the same ― $19.15 to $19.95 per hundredweight, compared to last month’s estimate of $19.10 to $20.
Next year's estimated all-milk price is up from what appears to be a final range of $18.50 to $18.60 for 2012.
Another bit of good news: The USDA has revised the corn price downward, albeit slightly. Economists now predict the corn price will average between $6.80 and $8 per bushel in the current crop year, compared to last month's estimate of $6.95 to $8.25.
The USDA also lowered its projected soybean price to $13.55 to $15.55 per bushel. Last month, the USDA projected a range of $13.90 to $15.90 for the current crop year.
Click here to see this morning’s World Agricultural Supply and Demand Estimates report.