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July milk-feed price ratio steady

July milk-feed price ratio steady
Lower monthly average milk prices, with small declines in average alfalfa hay and corn prices offsetting a higher average soybean price, combined to keep the preliminary July 2013 milk-feed price ratio unchanged from a month earlier. At 1.52, the index is up from 1.34 in July 2012.
The index is based on the current milk price in relationship to feed prices for a ration of 51% corn, 8% soybeans and 41% alfalfa hay. June 2013’s index marks the 28th consecutive month the milk-feed price ratio is below 2.0.
The U.S. average all-milk price was $19.10/cwt., compared to $19.50/cwt. in June 2013 and $16.90/cwt. in July 2012. Corn, at $6.83/bu., was down 14¢ from June, and 31¢ less  than July 2012. July 2013 soybeans averaged $15.40/bu., up 30¢ from June and unchanged from July 2012. Alfalfa hay averaged $209/ton in July, down $11 from June, but $11 more than July 2012.