USDA reported Thursday there will be no Milk Income Loss Contract (MILC) payment for September milk. Though feed costs per cwt. were calculated at $12.30 and the adjusted trigger was raised to $17.88, the Class I price in Boston was $22.41. Thus no payment.
The MILC program expired in September with the 2008 farm bill. For the fiscal year ending September 30, dairy farmers received MILC payments in eight of the 12 months. The lowest payment came in October 2012, at 2.3¢/cwt. The highest came in March 2013—75.5¢/cwt. Averaged over all 12 months, farmers received 26¢/cwt. in MILC payments for the fiscal year ending September.
You can read more on MILC here.
