Dairy analyst Owen Feenstra joins Mid-West Farm Report this morning with a key message for producers: use this year’s profits to prepare for tighter margins next year.
Feenstra, a broker and dairy risk management specialist with ever.ag, explains that this year, margins were favorable despite higher input costs. This is because milk prices did well. The Wisconsin all milk price for August 2022 was $22.10 per hundredweight, according to the latest agricultural prices report from the National Agricultural Statistics Service. This was $2.20 below July’s price but $4.40 above last August’s price.
Wisconsin farmers got $6.95 per bushel on average in the month of August. This is 16 cents above the July price and 78 percent above August 2021.
The average price received by farmers for soybeans, at $15.70 per bushel, was 50 cents above the July price and $1.70 above the August 2021 price.
The August average oat price per bushel, at $4.69, was 37 cents below July but $1.29 above August 2021.
All hay prices in Wisconsin averaged $128 per ton in August. This was $4 below the July price and $31
below the August 2021 price. The August 2022 alfalfa hay price, at $141, was $3 below the previous
month and $31 below August 2021. The average price received for other hay during August was $94 per
ton. This was $10 below the July price and $19 below August last year.
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