In the Economic Update, the Class I base price hits two-year high in October, fluid milk sales continue upward trend, and the USDA launches an assistance network to support financially distressed farmers.

Here’s an update on interest rates from quarter two of 2024 as reported by Federal Reserve districts that share data impacting dairy finances.

In economic news this week: U.S. exporters’ secure rights to use common food names in Chilean market. Global dairy trade, FSA interest rates and farmer sentiment shift downward, and the USDA launched an online debt consolidation tool.

The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report Aug. 30, which includes feed costs used to calculate the July Dairy Margin Coverage (DMC) program margins and indemnity payments. July’s margin was $12.33 per hundredweight (cwt).

Futures prices for milk and feed are looking favorable for dairy producers with the fourth quarter of 2024 on the horizon. At the time of this report, the all-milk price forecast was at a staggering $25.06 per hundredweight (cwt) for September and feed costs were at $10.27 per cwt, the lowest since 2020.

Several big initiatives are making headlines. Here is the latest news affecting dairy producers across the country.

U.S. Secretary of Agriculture Tom Vilsack and U.S. Trade Representative Katherine Kai recently announced 55 new or reappointed members of seven different agricultural trade advisory committees.