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November Milk/Feed Margin $12.21

December 30, 2019


Jim Dickrell



Dairy Farmers of America calculates the November milk/feed margin to be $12.21, the highest margin since 2014 when milk prices were above $23/cwt.


The margin is calculated using the United States Department of Agriculture’s Dairy Margin Coverage Program milk/feed margin formula.


The November 2019 all-milk price has been announced at $21/cwt. Corn is at $3.68; alfalfa hay, $191/ton, and soybean meal, $303/ton.


In 2014, under the old Margin Protection Program formula, the milk/feed margin peaked as high as $15.51/cwt when milk prices soared to $25.


Sign-up for the 2020 Dairy Margin Coverage program ended December 20.

In 2019, 23,255 operations were enrolled in the program. Their expected payments are an estimated $310 million, or an average per farm payment of $13,350.


Wisconsin is projected to receive the largest amount at $69 million. California is projected to receive $29 million, New York, $28 million, Minnesota, $25 million and Pennsylvania, $24 million.  


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