June 2023 FMMO pooling estimates, uniform prices and producer price differentials are scheduled to be released the week of July 10.

Based on Class III-IV milk futures prices, depooling incentives flip back to Class IV milk handlers in May and June.

Corn and soybean meal price projections are lower, but on-farm hay inventories are down.

Class IV milk represented about 17% of the total milk pooled in all FMMOs in March, the highest volume and percentage since last May.

Factoring into dairy feed costs, 2023 dry hay acreage is expected to rebound slightly from last year’s 115-year low.

Central to IDFA and WCMA petitions are make allowances, incorporated into FMMO milk pricing formulas two decades ago.

Uniform prices were lower, the "average-of" Class I mover formula provided a small benefit on Class I prices and more Class IV milk returned to the pool.

It wasn’t a rush to the pools but Class IV represented about 12.5% of the total milk pooled in all FMMOs in January, the highest volume and percentage since last May. It probably won't last.

The USDA’s monthly World Ag Supply and Demand Estimates (WASDE) report, released Feb. 8, reduced both 2022 and 2023 U.S. milk production estimates from last month, but also cut 2023 price projections.