In this week’s Dairy Report from AgDay the focus is on the latest World Agriculture Supply and Demand Estimates (WASDE) from USDA and utilizing a new insurance decision making tool for the Dairy Revenue Protection (Dairy-RP) program.
The 2019 milk production estimates for WASDE were lowered based on a projected reduction in cow numbers and stagnant production per cow. These estimates are based on data available through December 2018.
Class III prices for 2019 are unchanged from December while the Class IV price is raised based on higher butter and powder prices. USDA has raised the 2019 all milk price forecast to $16.90 to $17.60 per cwt.
American Farm Bureau Insurance Services free decision tool is available for producers to analyze if Dairy-RP is a good fit for their farm.
Once producers create a free online account, users can receive pricing updates, review protection levels, get premium quotes and perform what-if analysis to see how Dairy-RP would fit for their farm.
The tool is available by clicking here.
For more on these stories watch the Dairy Report in the video above from AgDay or read the links included from Farm Journal’s MILK.