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Federal benchmark highest in 13 months

~~Federal benchmark highest in 13 months   HAPPY NEW YEAR!
The December Federal order benchmark milk price is $18.95 per hundredweight (cwt.), up 12¢ from November, 29¢ above December 2012, 92¢ above California’s comparable 4b price, and equates to about $1.63 per gallon. The 2013 Class III average is $17.99, up from $17.44 in 2012, $18.37 in 2011, and $14.41 in 2010.
   The December Class IV price is $21.54, up $1.02 from November and $3.71 above a year ago. Its 2013 average is $19.05, up from $16.01 a year ago, $19.04 in 2011, and $15.09 in 2010.
   The January 2014 Class III futures contract settled today at $19.66; February, $19.12; March, $18.54; April, $18.17; May, $18.00; and June at $17.83.
   The AMS-surveyed U.S. average cheese price used in calculating this month’s FO prices was $1.8761/lb., up 1.5¢ from November. Butter averaged $1.6308/lb., up 11¢, nonfat dry milk $1.9537/lb., up 6.5¢, and dry whey averaged 57.06¢/lb., down 1.3¢.

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