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March F.O. Class I Sets New Record High

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USDA announced the March Federal order Class I base milk price today at a record high $23.64 per hundredweight, up $1.62 from February, a whopping $5.84 above March 2013, and equates to about $2.03 per gallon. It is the price that all Federal orders use to determine the order’s Class I milk price after adding local Class I differentials.

The First Quarter average stands at $22.38, up from $18.33 at this time a year ago and compares to $17.38 in 2012 and $16.44 in 2011.

The two-week, NDPSR averages used in calculating the Class I value showed butter at $1.8476 per pound, up 25.4 cents from February. Nonfat dry milk averaged $2.0718, up 4.5 cents. Dry whey averaged 62.38 cents, up 3 cents, and cheese averaged $2.3213, up 29.1 cents from February.

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