HARRISBURG, Pa. — The Center for Dairy Excellence is hosting a special edition of its monthly “Protecting Your Profits” webinar on Wednesday, October 27 from 12-1 p.m. The event will feature Phil Plourd, President of Blimling and Associates, who will break down the current dairy market situation and share what producers can expect heading into the new year. Individuals can join the discussion via conference call, webinar, or podcast format, which is led by Zach Myers, Risk Education Manager at the Center.
“Dairy markets continue to improve with exports helping to offset some stagnate domestic demand. I’m excited that Phil Plourd will be joining us for the October ‘Protecting Your Profits’ webinar,” Myers said. “Phil will be helping us to understand what is going on in the current marketplace and what he thinks we can expect going into next year.”
During the webinar, Myers will briefly highlight Class III and IV futures milk price forecasts, as well as export updates and Dairy Margin Coverage (DMC) margins, before Plourd begins his presentation. Myers will give an overview of these numbers:
- Class III and IV milk prices increased through September
- As of October 11 closing prices, the average Class III price for the next 12 months is up 70 cents/cwt compared to this time last month to $18.11.
- Class IV milk prices are up for the second month in a row with the current 12-month average at $17.69/cwt, 48 cents more than this time last month.
- August exports were up for the seventh month in a row. Export volume grew by 13% compared to August 2020 to 198,032 metric tons with gains in every major category.
- The August DMC margin was announced as $5.25/cwt, the lowest margin in the history of the DMC program. This triggers a payment of $4.25/cwt of 1/12 of production history enrolled in the program. August payment brings the net benefit of 2021 DMC to $1.83/cwt for the production history enrolled in the program up to the Tier 1, 5-million-pound cap.
“In addition to our monthly updates about risk management programs, I’m looking forward to Phil’s presentation,” Myers added. “Dairy markets can often feel uneven and uneasy, so it’s important to stay up-to-date with the current data and trends to help manage risk on your dairy operation.”
Phil Plourd is President of Blimling and Associates, a dairy research and advisory firm that is part of the Dairy.com family of companies that now includes ever.ag. Phil has been a student of the dairy industry and food business for more than 25 years. A popular speaker, Phil is also the host of “The Dairy Download” podcast. Phil lives near Madison, Wisconsin where he also serves on the Board of Directors of the Madison Public Library Foundation.
To join the “Protecting Your Profits” discussion and access the information in a format that is most convenient for you, the Center offers the series in a webinar, podcast, and conference call format. There is no cost to participate, and no registration is necessary.
Webinar and Live Stream Format
Visit www.centerfordairyexcellence.org/OctoberPYP on Wednesday, October 27 at noon to launch the webinar. You can also search “Center for Dairy Excellence” on YouTube and Facebook to watch a live stream of the webinar that day.
Conference Call Format
Individuals who would prefer to connect via conference call can dial the following number on Wednesday, October 27 at 12 p.m.:
Meeting ID: 848 3416 1708
Visit www.centerfordairyexcellence.org/pyp to listen to the “Protecting Your Profits” podcast and subscribe to get notified when new episodes are released. Episodes are expected to be published after the live webinar and conference call are concluded each month.
Join the Center on October 27 to hear from Plourd and find out how conventional price risk management tools can fit in to your marketing plan. For more information, call 717-346-0849 or email Myers at firstname.lastname@example.org. The webinar will be recorded and posted on the Center for Dairy Excellence website for those who are unable to join the live session.
–Emily Barge, Center for Dairy Excellence