Data on the butterfat, protein, other solids and solids-not-fat (SNF) levels and somatic cell count (SCC) were examined for producer milk associated with the Upper Midwest Order during 2004. Results from the analysis include: market and state averages and seasonal variation in component levels and SCC, and statistical relationships among the four components in individual herd milk at the farm level. In this study, component prices from 2004 were applied to producer milk associated with the Upper Midwest Order, thus providing an opportunity to examine how component levels influence the value of producer milk. Major findings of the analysis include: 1) Weighted average component levels and SCC for 2004 were 3.72% butterfat, 3.03% protein, 5.71% other solids, 8.74% SNF and 289,000 SCC. 2) For 2004, weighted average butterfat, protein, and SNF levels were lowest in July and highest during the early fall and winter. In contrast, other solids levels varied little during the year. Weighted average SCC were lowest in the fall and early winter and highest in July and August. 3) Butterfat, protein, and SCC tests declined with increasing monthly average milk production, while other solids and solids-not-fat tests increased with increasing monthly milk production. 4) In 2004, the range of weighted average component levels within one standard deviation of the mean was: 3.48% to 3.96% for butterfat; 2.89% to 3.17% for protein; 5.60% to 5.82% for other solids; 8.56% to 8.92% for SNF; and 149,000 to 429,000 for SCC. 5) Based on the data for 2004, the following regression equations were derived: SNF = 7.21824% + 0.39023 (BF) SNF = 5.41126% + 1.08236 (PRO) PRO = 1.59839% + 0.37888 (BF) 5) The annual weighted average value of butterfat, protein, and other solids, adjusted for SCC, was $16.03 per cwt. for the market in 2004. Protein was the most valuable component, contributing slightly more than one-half of the total value.