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 2003. 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 2003 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 2003 were 3.69% butterfat, 3.01% protein, 5.72% other solids, 8.73% SNF and 312,000 SCC. 2) For 2003, weighted average butterfat, protein and SNF levels were lowest in July and August and highest during the late fall and winter. In contrast, other solids levels varied little during the year. Weighted average SCC were lowest in the winter and highest in 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 2003, the range of weighted average component levels within one standard deviation of the mean was: 3.45% to 3.94% for butterfat; 2.87% to 3.15% for protein; 5.61% to 5.84% for other solids; 8.54% to 8.92% for SNF; and 167,000 to 456,000 for SCC. 5) Based on the data for 2003, the following regression equations were derived: SNF = 7.13098% + 0.41596 (BF) SNF = 5.30149% + 1.12321 (PRO) PRO = 1.56388% + 0.38754 (BF) 5) The annual weighted average value of butterfat, protein, and other solids, adjusted for SCC, was $11.75 per cwt. for the market in 2003. Protein was the most valuable component, contributing a little more than half of the total value.