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November 2023 DMC margin moves above indemnity trigger



Small changes in the U.S. average feed cost and milk price were enough to push November’s Dairy Margin Coverage (DMC) margin higher.


The USDA National Agricultural Statistics Service (NASS) released its latest Ag Prices report on Dec. 29, including factors used to calculate November 2023 Dairy Margin Coverage (DMC) margins and indemnity payments. Although mixed compared to a month earlier, overall U.S. average feed costs were lower and milk prices were up, pushing the average milk income margin up 14 cents per hundredweight (cwt) and just above the top indemnity payment trigger.


November 2023 DMC at a glance


DMC program margin factors compared to previous month:

  • Alfalfa hay: $271 per ton, down $7 from October 2023

Dave Natzke

December 29, 2023

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