If you were waiting for the shoe to drop before trying on the Margin Protection Program for Dairy (MPP-Dairy) program, it just did.

California's January 2015 minimum Class 1 milk prices were announced Dec. 10. The Class 1 price for the North is $19.49/cwt., with the South at $19.76/cwt. Both are down $4.23/cwt. from December, and $3.35 less than January 2014. They're the lowest since May 2013.

USDA will announce the January 2015 federal order Class I base price on Dec. 17.