The USDA announced that the October Federal Order Class III milk price rose to $21.81 per hundredweight. That was $1.99 higher for the month, and $3.98 above October 2021.
The benchmark price, which recently set an all-time record high of $25.21 in May of this year, has been dropping in recent months.
So far, the Class III price has averaged $22.19 during 2022.
The Class IV component price was 33-cents higher for the month at $24.96, and $7.92 more than last year.
Earlier this week, the USDA announced that the Wisconsin all milk price for September averaged $22.10 per cwt., which was unchanged from the August price, but was $3.70 more than last September.
Source: Wisconsin Ag Connection