Farmers are no stranger to the up and down price swings of the milk markets. Prior to the pandemic, dairy farmers saw a Class III milk price of $17.05 in January 2020. The milk price plummeted to $12.14 in May. However, two months later the all milk price climbed to $24.54, a record for the month of July.
This latest all milk price surpasses a record-breaking mark of $26.60/cwt in the fall of 2014.
On the national market, spot butter jumped to $2.9350/lb, the highest price since January in the CME spot dairy product auction.
Commodity prices are on an upward trajectory as well. According to the latest USDA, National Agricultural Statistics Service – Agricultural Prices report the average price received by farmers for corn during April 2022 in Wisconsin was $6.89 per bushel – 55 cents above the March price and $1.74 above April 2021.
The April 2022 average price received by farmers for soybeans, at $15.50 per bushel, 30 cents above the March price and $1.60 above the April 2021 price. The April average oat price per bushel, at $5.70, was 31 cents above March and $2.39 above April 2021.
Farmers hoping to supplement their dwindling feed reserves prior to the first hay harvest spent more at hay auctions this spring. All hay prices in Wisconsin averaged $152.00 per ton in April. This was $1.00 above the March price and $3.00 above the April 2021 price.
The April 2022 alfalfa hay price, at $161.00, was unchanged from the previous month but $4.00 above April 2021. The average price received for other hay during April was $125.00 per ton. This was $5.00 above the March price and $4.00 above April last year.
The average price for milk was $27.10 per cwt, $1.80 above the March price and $8.20 above April 2021.
