The Agricultural Marketing Service (AMS) weekly prices are showing stability. Changes in the first quarter of 2023 have lower, but stable prices. This post will update the February 12 post on the most recent prices from the AMS weekly surveys. These wholesale commodity prices are used to price most of the U.S. producer milk. There are four commodities used to price milk in the Class and Component Federal Orders; butter, cheese, nonfat dry milk (NDM), and dry whey.
Butter prices were very volatile beginning in 2020 through 2022. In 2023, prices have settled in at levels slightly above those in 2018 and 2019. Since the beginning of 2023, butter prices have ranged from $2.41 to $2.49 per pound, far below the 2022 high of $3.24 per pound and in a very tight range. Inventories appear to be at a reasonable level as covered in the prior post. The year 2023 has brought stability to wholesale butter prices.
March 26, 2023
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