During the November Hoard’s Dairyman webinar, presenter Mike Hutjens asked the audience how much their feed costs per cow will change from 2023 to 2024. More than a quarter of respondents said they did not know, and that prompted Hutjens to emphasize the importance of understanding those costs.
“Feed is 50% to 60% of your cost of making milk; you should know where it is going,” said the University of Illinois animal science professor. “You want to know where you are spending your feeding dollars.”
Talking about ingredient costs, he shared that corn grain dropped significantly to $4.94 a bushel and may fall a little more. Soybeans are currently at $12.88 a bushel. Hutjens said soybean meal is lower, at $380 a ton, and that may decline further due to biodiesel production. High quality hay is $230 or more a ton, which is down from last year. He noted that byproduct feeds can be competitively priced, but availability and pricing vary by region.
Abbey Bauer
November 17, 2023
hoards.com
