Wed, 14 May 2008 21:33:00 GMT
The U.S. House of Representatives voted on the Conference Report on the 2008 Farm Bill. It passed by a
vote of 318 to 106. The President has pledged to veto the bill. If the President does veto the bill, the bill will need to come back to Congress for a veto override vote, which requires a 2/3 margin of both the House and Senate. (290 in the House and 67 in the Senate). With the strong vote in the House, and the expected strong vote in the Senate, it looks like the President’s veto would be overridden. However, it will depend in part on how much pressure the White House puts on House Republicans to stand with him against the veto override.
Posted in News
Wed, 14 May 2008 13:39:00 GMT
Under the proposed 2007 Farm Bill, the MILC payment will change depending on the level of the costs of a 16% dairy ration. The
formula used to determine these adjustments are explained by Prof. Ed Jesse of the Department of Agricultural and Applied Economics.
Posted in News
Tue, 13 May 2008 22:38:00 GMT
Click
here for a complete copy of the 2007 Farm Bill agreed to by the House and Senate. Pages 69-80 contain the provisions of the Dairy Title.
Posted in News
Mon, 12 May 2008 12:48:00 GMT
The CME block price closed at $1.9975 on Friday. For the week, the
average closing price was $1.9680.
Posted in Dairy-Related Prices
Mon, 12 May 2008 12:33:00 GMT
According to the latest
trade data released by the USDA, U.S.
cheese exports continue to grow and the cheese trade deficit is significantly reduced. For the 1st quarter of 2008, 33,208 metric tonnes of cheese was exported. This is a 54% increase over the 2007 quantity exported over the same period. In value terms cheese exports increased 84% over the 2007 level.
Posted in News
Fri, 09 May 2008 14:47:00 GMT
House and Senate negotiators yesterday reached
final agreement on a new farm bill that will spend close to $300 billion on nutrition, conservation, energy and farm subsidy programs over the next five years, but administration officials immediately announced that President Bush will veto it. A PDF reviewing all commodity programs can be found
here. A description of just the Dairy Title can be found
here.
Posted in News
Fri, 09 May 2008 13:02:00 GMT
The May
World Agricultural Supply and Demand Estimates report was released this morning by USDA. The midrange All-Milk price projections for the remaining 3 quarters of 2008 are: $17.85, $17.50 and $18.25. The projected All-Milk price for all of 2008 is $18.20. For the 1st quarter of 2009 the projected All-Milk price is $18.35 .
Posted in News
Wed, 07 May 2008 22:08:00 GMT
A new data series has been added to our database that consists of the
difference between CME spot Block - Barrel prices. For April 2008 this average difference was $0.0816 compared to -$0.0517 in January.
Posted in Web-Site News
Wed, 07 May 2008 21:35:00 GMT
The average
Class III settle price for today was $19.5350 . The average value over the August-December period was $20.1140.
Posted in Dairy-Related Prices
Wed, 07 May 2008 21:10:00 GMT
The
CME block price
closed at $1.9625 today while the
barrel price
closed at $1.9600. For the 1st 5 trading days in May, the average block price has been $1.9525 and an average barrel price of $1.9460, an average difference of $0.0065 .
Posted in Dairy-Related Prices
