August 2023 Midwest Market Updates

Profile Picture of Post's Author Erin Mosley | Posted August 14, 2023

August analysis of feed pricing for the Midwest region identified 6 feeds as value priced: corn gluten meal, corn distillers dry, corn gluten feed, corn silage, canola meal, and cottonseed. Meat and bone meal, beet pulp, wheat straw, and tallow were identified as priced above market value. Additionally, with the August feed pricing changes we see a ~$0.40/cow/day (or $0.008/lb DM) decrease in the calculated nutrient cost from July to August.

July component pricing for butterfat was $2.80 vs $2.76 in June, protein was $1.20 vs $1.51 in June, and other solids was $0.07 vs $0.13 compared to June. Protein pricing is lowest value since February 2019 ($1.18). Other solids pricing is lowest value since April 2018 ($0.06). With these component shifts, calculated month to month milk income was decreased (July ~$11.25/c/d vs June ~$12.16 (Holsteins) or July ~$11.79/c/d vs June ~$12.63 (Jerseys)). Calculated milk income continues overall decrease from peak around May 2022 (~$20.50/c/d).

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