DAIRY MARKET NEWS WEEK OF AUGUST 20-24, 2018

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1 DAIRY MARKET NEWS WEEK OF AUGUST 20-24, 2018 VOLUME 85, REPORT 34 DAIRY MARKET NEWS AT A GLANCE CME GROUP CASH MARKETS (8/24) BUTTER: Grade AA closed at $ The weekly average for Grade AA is $ (-.0990). CHEESE: Barrels closed at $ and 40# blocks at $ The weekly average for barrels is $ (-.0770) and blocks, $ (-.0200). NONFAT DRY MILK: Grade A closed at $ The weekly average for Grade A is $.8715 (+.0390). DRY WHEY: Extra grade dry whey closed at $ The weekly average for dry whey is $.4590 (+.0145). BUTTER HIGHLIGHTS: Butter production is increasing as cream supplies are becoming more approachable throughout the country. Milk butterfat is steadily increasing, while Class II is requesting less cream. In addition, the active milk standardization from bottlers (Class I) is adding cream to Class IV. The market tone for butter looks to be in better shape compared to a few weeks ago. In general, bulk/print butter demand are fair/good from several market channels, especially retail and food service. Butter inventories remain readily available to meet most contractual and spot needs. Based on the CME Group, with various periods and averages used, this week, bulk butter pricing varies among regions: East, 4.0 cents to 7.0 cents above the market; Central, 0.0 cents to 7.0 cents above the market; West, 2.0 cents below to 7.5 cents above the market. The CME Group cash price for Grade AA butter is $2.2600, down $ compared to last Friday s price, $ CHEESE HIGHLIGHTS: Nationally, cheese production is steady to strengthening. Cheddar and provolone makers in the Northeast are maintaining production levels, while Midwestern specialty cheese and cheddar producers are beginning to increase activity in preparation for fall/winter holiday orders. Milk availability into cheese production remains sufficient, although cheesemakers access to milk is continuing its seasonal downward drift with schools taking on more bottled milk and warm/wet weather affecting farm milk output. Barrel demand reports on the West are higher than those of blocks. General cheese demand in the Midwest is strengthening, as some recently slower selling seasonal varieties are seeing some upticks. Midwestern spot milk prices were unchanged, although fewer spot milk offers were reported. Overall, cheese market tones are somewhat bullish, as producers report being satisfied with the current CME block/barrel situation. The CME Group closing price for barrels is $1.6000, compared to last Friday s closing price of $ The closing price for blocks is $1.6700, compared to last Friday s closing price of $ FLUID MILK: Farm milk production varies across the nation, mainly driven by seasonal climate conditions. For example, milk intakes are lower in the East due to heavy rains. On the other hand, milk outputs are up throughout the Pacific Northwest and mountain states. Meanwhile, in California, milk production has increased more than expected, while in Arizona and New Mexico it has plateaued. Nevertheless, nationwide, milk/cream volumes are more than adequate to meet most processing needs. In general, milk requests from bottlers are inching up as most schools are reopening soon. Meanwhile, the market tone for condensed skim milk is stable, with good demands from NDM/SMP processors. With less demand for butterfat, especially from Class II, cream is becoming more accessible in the spot market. Therefore, customers are paying lower premiums for cream compared to the previous week. Cream Multiples for all Classes range in the East; in the Midwest; and in the West. DRY PRODUCTS: Nationwide, the low/medium heat nonfat dry milk (NDM) market seems to be firming as spot prices are up, while supply appears to be below buyers demands. s for high heat are mixed, but the market is generally stable. Dry buttermilk spot values are steady in the Central/East regions, but mostly higher in the West. Dry buttermilk output is driven by butter production schedules throughout the country. Stocks are steady to lower. Dry whole milk powder spot prices are steady, in line with is stable market tone. Dry whey values remain firm in all regions as cheese output has been less active due to the strong milk pulls from bottlers. Demand for dry whey remains strong. This week, there are not major changes on the WPC34% market, while prices remain unchanged. Meanwhile, spot prices for lactose are steady on a relatively balanced market. Casein prices are steady, while sales activity has been very light. ORGANIC DAIRY MARKET NEWS: AMS reports total organic milk products sales for June were 202 million pounds, down 3.1 percent from June 2017 and down 0.4 percent January-June 2018, compared with the same period of Organic whole milk sales for June 2018, 82 million pounds, were up 1.1 percent compared with June of last year and up 4.9 percent June year to date 2018 compared -CONTINUED ON PAGE 1A- Product Highlights/CME/DMN at a Glance 1 Weekly CME Cash Trading/Butter Markets/NDPSR 2 Cheese Markets 3 Fluid Milk and Cream 4 Nonfat Dry Milk/Dry Buttermilk/Dry Whole Milk 5 Dry Whey/WPC 34%/Lactose/Casein 6 TABLE OF CONTENTS U.S. Dairy Cow Slaughter / Class Milk s 7 Organic Dairy Market News 8 July Milk Production 9 July Cold Storage 10 July Marketing and Utilization Summary 11 May Mailbox s 12 September Federal Milk Order Advanced s 13 August Retail s for Conventional and Organic Milk 14 Dairy Graphs G1 National Retail Report Dairy Dairy Market News Contacts

2 WEEK OF AUGUST 20-24, 2018 DAIRY MARKET NEWS VOLUME 85, REPORT 34 -CONTINUED FROM PAGE 1- DAIRY MARKET NEWS AT A GLANCE with Total organic retail advertisements increased 11 percent. While organic milk ads increased 55 percent, prompted by an 89 percent increase in retail specials for half gallon packaging size, the volume of organic cheese ads plunged 69 percent and organic yogurt ads dropped 66 percent. Both organic 16 ounce cottage cheese and organic sour cream noted increases in retail ads, 187 percent and 90 percent, respectively. NATIONAL RETAIL REPORT (DMN): The total number of conventional dairy ads increased 12 percent from last week. Likewise, organic dairy ads raised by 11 percent. The national weighted average advertised conventional milk price for half gallons is $2.67, while organic half gallon milk averaged $3.77, an organic price premium of $1.10. Conventional cheese ad numbers decreased 4 percent, and decreased 69 percent for organic. Total conventional yogurt ads decreased by 5 percent, and decreased 66 percent for organic. JULY MILK PRODUCTION (NASS): Milk production in the 23 major States during July totaled 17.3 billion pounds, up 0.4 percent from July June revised production, at 17.2 billion pounds, was up 1.6 percent from June The June revision represented an increase of 40 million pounds or 0.2 percent from last month's preliminary production estimate. Production per cow in the 23 major States averaged 1,980 pounds for July, 8 pounds above July This is the highest production per cow for the month of July since the 23 State series began in The number of milk cows on farms in the 23 major States was 8.74 million head, 1,000 head more than July 2017, but 8,000 head less than June JULY COLD STORAGE (NASS): On July 31, U.S. cold storage holdings of butter totaled million pounds, down 6 percent from the previous month, but up 3 percent from July Natural American cheese holdings total million pounds, up 3 percent from last month, but 1 percent lower than July Total natural cheese stocks were billion pounds, 2 percent higher than last month and 3 percent more than July JULY MARKETING AND UTILIZATION SUMARY (USDA): During July 12.1 billion pounds of milk were received from federally pooled producers. This volume of milk is 1.9 percent higher than the July 2017 volume. Regulated handlers pooled 3.1 billion pounds of producer milk as Class I products, down 1.1 percent when compared to the previous year. Class I utilization decreased from last year in 6 of the 10 Federal Milk Order Marketing areas. The all-market average Class utilization percentages were: Class I = 25 percent, Class II = 12 percent, Class III = 49 percent, and Class IV = 14 percent. The weighted average statistical uniform price was $15.37 per cwt, down $0.73 from last month and down $1.73 from last year. MAY MAILBOX PRICES (USDA, FMMO, & CDFA): In May 2018, mailbox milk prices for selected reporting areas in Federal milk orders averaged $15.70 per cwt, up $0.29 from the April 2018 average but down $0.45 per cwt from the May 2017 average. The component tests of producer milk in May 2018 were: butterfat, 3.79%; protein, 3.08%; and other solids, 5.78%. When compared to the previous month, the May mailbox prices increased in 17 of the Federal milk order reporting areas. The New Mexico reporting area reported the largest increase of $0.51 per cwt from the previous month while both the Eastern Pennsylvania and the Ohio reporting areas reported a decrease of $0.06 per cwt from the previous month. Averaged over all Federal milk order reporting areas, the May 2018 mailbox milk price increased an average of $0.27 per cwt. Mailbox prices in May 2018 ranged from $17.40 in the Florida reporting area to $13.84 in the New Mexico reporting area. SEPTEMBER FEDERAL MILK ORDER ADVANCED PRICES (FMMO): Under the Federal milk order pricing system, the base Class I price for September 2018 is $14.85 per cwt. This price is derived from the advanced Class III skim milk pricing factor of $5.92 and the advanced butterfat pricing factor of $ A Class I differential for each order's principle pricing point (county) is added to the base price to determine the Class I. The advanced Class IV skim milk pricing factor is $5.73. Thus, the Class II skim milk price for September 2018 is $6.43 per cwt, and the Class II nonfat solids price is $ RETAIL PRICES FOR CONVENTIONAL AND ORGANIC MILK, AUGUST 2018 (FMMO): A survey of retail prices conducted by the Federal Milk Order administrators found conventional whole milk prices for August 2018 averaged $3.26 per gallon. August organic whole milk averaged $4.07 per half gallon. In August, conventional reduced fat (2%) milk gallons averaged, $3.19 and organic reduced fat (2%) milk half gallons averaged $ A-

3 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 86, REPORT 34 COMMODITY MONDAY AUG 20 TUESDAY AUG 21 WEDNESDAY AUG 22 THURSDAY AUG 23 FRIDAY AUG 24 :: WEEKLY CHANGE :: WEEKLY AVERAGE CHEESE BARRELS $ ( ) 40 POUND BLOCKS $ ( ) NONFAT DRY MILK GRADE A $ ( ) BUTTER GRADE AA $ ( ) DRY WHEY EXTRA GRADE $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ (N.C.) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) :: :: ( ) :: :: ( ) :: :: ( ) :: :: ( ) :: :: ( ) :: :: :: :: :: :: :: :: :: :: $ ( ) $ ( ) $ ( ) $ ( ) $ ( ) s shown are in U.S. dollars per lb. in carlot quantities. Carlot unit weights: CHEESE, 40,000-44,000 lbs.; NONFAT DRY MILK, 41,000-45,000 lbs.; BUTTER, 40,000-43,000 lbs.;dry WHEY, 41,000-45,000 lbs. Weekly Change is the sum of Daily Changes. Weekly Average is the simple average of the Daily Cash Close prices for the calendar week. Weekly Average Change is the difference between current and previous Weekly Average. Computed by Dairy Market News for informational purposes. This data is available on the Internet at NOTICE: As of July 30, 2018, Dairy Market News no longer publishes CME Group sale, bid, or offer trading activity. Five days of trading information can be found at BUTTER MARKETS NORTHEAST Butter production is at seasonal levels. At the same time, lower milk yields and cream prices that prompt sales above churning still limit overall production rates in the Northeast. To satisfy rather steady market demand, some butter plants are meeting customers' needs while fusing light churning and micro-fixing activities. Butter stocks are sufficient for the near term. Labor Day needs are tracking to pick up and buyers are searching the market for Q4 butter acquisitions. This week, the bulk butter prices for domestic sales remain at 4-7 cents over the CME Group, with various time frames and averages used. At the CME, Tuesday, Grade AA bulk butter ended the day at $2.2375, down 15 cents from last Tuesday. In context with this distinction, the CME AA cash butter market, weekly average price, is well below a year ago. s for: Eastern U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: CENTRAL s for: Central U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: WEST Western butter market has been showing a weaker price trend in recent days. The butter spot market appears to be taking a break as purchasers try to figure out the direction of the market. Buyers seem to have their needs satisfied for the current term. Most contractual loads are moving as planned. Butter output is steady to slightly increasing because cream stocks are loosening more. Butter churn managers continue to sell some excess cream to take advantage of higher cream multiples. Some market participants foresee that cream will become more available as weeks elapse; therefore, more butter is likely to be produced. At the moment, butter stocks are adequate to meet current industry needs. s for: Western U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: Churn activity is increasing this week in the Midwest, while some south- Central butter plants are holding off for the time being. There are some scheduled plant updates in the upper Midwest next week, which may affect cream prices regionally. Cream prices have become more approachable for butter producers since their peak. Cream rates are in a fairly sharp downturn, as school bottling has put more milkfat back on the market. Retail sales remain healthy according to contacts, while bulk butter is reportedly widely available. The butter market tone is steady. CME prices have slipped since late July and earlier this month, but butter contacts feel the market is generally healthy. Secondary Sourced Information: NATIONAL DAIRY PRODUCTS SALES REPORT U.S. AVERAGES AND TOTAL POUNDS The Grade AA butter price at the CME Group on Wednesday closed at $2.2500, compared to the weekly average price of $ from last week. CONTINUED ON PAGE 2A WEEK ENDING August 18, 2018 BUTTER CHEESE 40# BLOCKS CHEESE BARRELS 38% MOISTURE ,997, ,470, ,635,221 DRY WHEY ,966,515 NDM ,123,299 Further data and revisions may be found on the internet at:

4 DAIRY MARKET NEWS, AUGUST 20-24, A- VOLUME 86, REPORT 34 CONTINUED FROM PAGE 2 National Retail Report Dairy Butter Summary Advertised s at Major Retail Supermarket Outlets ending during the period of 8/17/2018 to 8/23/2018 Butter 1# Weighted Average National This Period Last Week Last Year Organic $6.39 $6.39 $4.49 Conventional $3.46 $4.08 $3.49 s This Period Regional (Conventional) Wtd. Ave. Low High ALASKA $3.90 $3.79 $4.00 HAWAII $3.99 $3.99 $3.99 MIDWEST n.a. n.a n.a NORTHEAST $3.57 $2.99 $4.79 NORTHWEST $2.70 $1.99 $3.50 SOUTH CENTRAL $5.49 $5.49 $5.49 SOUTHEAST $3.34 $2.99 $3.50 SOUTHWEST n.a n.a n.a

5 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 86, REPORT 34 NORTHEAST CHEESE MARKETS WEST Milk production in the Northeast is level to lower as the warm and rainy weather impacts cow comfort. Northeast cheese plants are receiving steady milk loads this week for full cheese production. There are reports of increased Class I sales in the Northeast as bottlers are filling pipelines for the new school year. Cheddar and provolone cheese production is steady. Mozzarella cheese production has increased as the demand from schools is higher. Cheese inventories are fairly stable as restaurants orders are solid. Spot trading activity is steady to higher as cheese barrel prices increased on the spot market. In addition, there are reports of increased domestic demand and improving export cheese sales. Market conditions are fairly firm, as food service demand has picked up and market participants are gearing up for the Labor Day holiday. The wholesale prices for cheddar and Muenster increased $ In addition, the process cheese price increased $ The Grade A Swiss price is unchanged this week. WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS ( POUNDS)) Cheddar 40 pound Block Muenster Process American 5 pound Sliced Swiss pound Cuts MIDWEST Demand reports throughout August have been similar. Mozzarella, provolone, and curd orders have been strong or strengthening, while cheddar/specialty producers have seen slowdowns. This week, however, orders are steady to stronger across the board. Pizza cheesemakers are citing new and returning college students as a primary factor in their continued demand upticks, not to mention an overall bump in dining out activity. Some specialty cheesemakers are beginning to ramp up production ahead of the holiday season, but as milk prices are up relative to much of the previous year, some plant managers are reducing production activity when possible. Spot milk prices are unchanged: $.50 under to $2.00 over Class III. Most prices are at the flat Class mark, but a number of cheesemakers are not taking on any extra milk due to the recent price shift. There are expectations that once initial school orders begin to settle, spot milk prices will settle comparably. Cheese market tones are mostly bullish. CME barrel prices saw a noticeable price correction downward Tuesday, ending up below block prices. That said, this is generally viewed as a more comfortable price arrangement by industry contacts than the inverse. WISCONSIN WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS ( POUNDS)) Blue 5 pounds Brick 5 pounds Cheddar 40 pound Block Monterey Jack 10 pounds *Mozzarella 5-6 pounds Muenster 5 pounds Process American 5 pound Loaf Swiss 6-9 pound Cuts In the West, although milk production has eased somewhat in several states and Class I/1 demand has increased, cheese production remains steady and in line with seasonal norms. Cheese sales appear mixed with some buyers reporting steady orders while others say that requests are seasonally up. Barrel cheese demand seems to be more active than block cheese. Cheese orders from the food service sector have somewhat augmented as pizza processing is taking more cheese than usual. Stocks remain profuse for many varieties of cheese. Cheese marketers continue to report that U.S. cheese is facing strong competition in international markets. Nonetheless, industry players are hopeful that new sale opportunities both in the international and domestic markets will become available and help keep inventories at check. Overall, the market for western cheese is unsettled and prices vary from week to week. WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS ( POUNDS)) Cheddar 10 pound Cuts Cheddar 40 pound Block Monterey Jack 10 pounds Process American 5 pound Loaf Swiss 6-9 pound Cuts FOREIGN TYPE Cheese output in the European Union (EU) continues to be flat to declining due to lower milk supply availability. In Germany, France, and the United Kingdom, the three principal milk producing countries of the EU, milk production has decreased by 1 percent according to the latest weekly data. Cheese prices stand still at a higher level. Cheese stocks are unchanged from a week ago. Sales are solid. Overall, the cheese market tone is firm. The prices for wholesale blue, gorgonzola, parmesan, and Romano in the United States shifted up $.0450 from last week s value. All other cheese prices in the table below remained steady. WHOLESALE SELLING PRICES: FOB DISTRIBUTORS DOCK DOLLARS PER POUND ( POUNDS, MIXED LOTS) : NEW YORK VARIETY : IMPORTED : DOMESTIC : : Blue : : * Gorgonzola : : * Parmesan (Italy) : -0- : * Romano (Cows Milk) : -0- : * Sardo Romano (Argentine) : : -0- Reggianito (Argentine) : : -0- Jarlsberg-(Brand) : : -0- Swiss Cuts Switzerland : -0- : Swiss Cuts Finnish : : -0- * = change. * The top end of the price range for Wisconsin Wholesale Selling for Mozzarella, 5-6#, from Report 33 was $2.7125/lb, corrected from $2.6450/lb - the price had not been updated from the previous week. CONTINUED ON PAGE 3A

6 DAIRY MARKET NEWS, AUGUST 20-24, A- VOLUME 86, REPORT 34 CONTINUED FROM PAGE 3 CHEESE MARKETS National Retail Report Dairy Cheese Summary Advertised s at Major Retail Supermarket Outlets ending during the period of 8/17/2018 to 8/23/2018 Cheese 8 oz. Blocks Weighted Average National This Period Last Week Last Year Organic $5.04 $5.99 n.a. Conventional $2.38 $2.39 $2.37 Regional (Conventional) Wtd. Ave. Low High ALASKA $3.21 $3.00 $3.50 HAWAII $2.50 $2.50 $2.50 MIDWEST $1.99 $1.99 $2.00 NORTHEAST $2.45 $1.77 $2.99 NORTHWEST $2.41 $1.99 $2.50 SOUTH CENTRAL $2.47 $1.66 $2.99 SOUTHEAST $2.40 $1.99 $2.50 SOUTHWEST $2.40 $1.69 $3.00 Cheese 8 oz. Shred Weighted Average National This Period Last Week Last Year Organic $ n.a. Conventional $2.43 $2.16 $2.28 Regional (Conventional) Wtd. Ave. Low High ALASKA $3.50 $3.50 $3.50 HAWAII $2.79 $2.50 $3.00 MIDWEST $2.06 $1.99 $2.50 NORTHEAST $2.17 $1.77 $2.50 NORTHWEST $2.35 $1.99 $2.50 SOUTH CENTRAL $2.63 $1.66 $3.99 SOUTHEAST $2.47 $1.99 $3.00 SOUTHWEST $2.59 $1.69 $3.99

7 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 FLUID MILK AND CREAM EAST Milk production in the Northeast is level to lower as the humid and rainy weather is taking ahold of cow comfort. Class I sales are steady to higher as bottlers are pulling milk to fill schools needs before the new school year. Milk clearing into Class III production is fairly level this week. Class II milk sales were down slightly as some manufacturers production schedules are lower. Mid-Atlantic milk production is fairly lower. Some manufacturers are receiving enough milk volumes for production needs. However, some operations are not receiving enough milk for full production as Class I is taking the majority for schools pipelines. Southeast milk off the farms is still dropping. Bottlers are receiving heavy milk loads for schools needs. In addition, some manufacturers purchased extra milk loads from other regions to fill current needs. However, lower transportation availability has affected Class I receiving additional milk loads from other regions. Florida s milk production is leveling off as the hot temperatures and heavy rainfall affect cow comfort. Class I sales are higher as schools have been filling pipelines. However, there have been some milk loads cut from orders as customers ordered more than needed. Cream multiples range this week, as cream has become more available and heavy milk loads are clearing into Class I. The demand for cream is steady to lower as some buyers are not sourcing for cream loads as their needs are currently met. Condensed skim market conditions are fairly steady, as market participants report spot trades are happening at class prices and seeing fewer discounts being offered. Northeastern U.S., F.O.B. Condensed Skim - Class II; $/LB Solids: Class III; $/LB Solids: Northeastern U.S., F.O.B. Cream Multiples - All Classes: Class II; $/LB Butterfat: Secondary Sourced Information: MILK PRODUCTION: According to NASS, milk production in the 23 major states during July 2018 totaled 17.3 billion pounds, up 0.4 percent from one year ago. Eastern states monthly milk production and percent changes compared to a year ago are as follows: July 2018 Milk Production, (USDA-NASS) (Million Lb.) % Change From 1 Year Ago Florida New York 1, Pennsylvania Vermont Virginia MIDWEST Fluid milk supply reports vary from tight to balanced in the upper Midwest. Bottling facility intake increases, primarily due to schools, are creating a ripple effect on intake facilities outside of bottling and on the cream market. Cheesemakers are reporting similar spot prices to last week. However, the amount of offers are reportedly diminishing compared to recent weeks, and some cheesemakers are not interested in spot milk at over-class prices. Cream, on the other hand, has seen a sharp decline in prices with increasing availability. Butter churns are busier in the Midwest, as cream is back and more reasonable for churn use. On the other hand, ice cream production is nearing its expected climax ahead of Labor Day. Midwestern corn is expected to start being cut for silage in the next few weeks in the upper-midwest, although wet weather may be an issue for farmers as it is expected to continue. The DMN National Retail Report-Dairy for August noted the national weighted average advertised price for one gallon of milk was $2.64, down 69 cents from last week, but up 40 cents from a year ago. The weighted average regional prices in the Midwest and South Central were $2.50 and $2.62, respectively. Midwestern U.S., F.O.B. Cream Multiples - All Classes: Class II; $/LB Butterfat: Multiples - Class II: Secondary Sourced Information: The NASS Milk Production report noted July 2018 milk production in the 23 selected states was 17.3 billion pounds, 0.4 percent above a year ago. Milk cows in the 23 selected states totaled 8.7 million head, 1,000 head more than a year ago. The following table shows Central states included in the report and the monthly milk production changes compared to a year ago: July 2018 Milk Production, (USDA-NASS) (Million Lb.) % Change From 1 Year Ago Illinois Indiana Iowa Kansas Michigan Minnesota Ohio South Dakota Texas 1, Wisconsin 2, WEST Milk production in California has increased more than expected in recent weeks. Although educational institutions continue to pull in more loads of milk, milk supplies are sufficient for the usages of all market participants. Processing capacities are adequate, and manufacturing plants are running somewhat below full capacity. Although milk components are still low, they have improved from a few weeks ago. Milk production in Arizona is steady this week. Supplies of milk, though available, haven t been moving much to outof-state plants due to hauling/trucking accessibility. Milk flows to educational institutions have stabilized now. Current milk volumes are in line with the needs of the industry. Milk output in the state of New Mexico has flattened. Intakes from bottling plants increased significantly throughout the week. Handlers are actively working on finding the adequate hauling capacity to ensure full coverages of all the milk requests. Class II sales tumbled by a few loads as ice cream manufacturers reduce their orders. In the Pacific Northwest, milk yield is in line with seasonal processing norms. It continues to be solid, but manufacturers don t have any issues managing the volume of milk available to them. Schools demand for milk has augmented in the past two weeks as they fill their pipelines. Overall, milk supplies are in good balance with sales. In the mountain states of Idaho, Utah, and Colorado, milk supplies persist on being long. However, handling is not a major issue at the moment because more milk is going to Class I and II manufacturing needs. Some discounted loads continue to channel through the spot market. All in all, milk production is steady compared to a week ago. Western condensed skim output is flat and matches current wants. Processors report an -CONTINUED ON PAGE 4A-

8 DAIRY MARKET NEWS, AUGUST 20-24, A- VOLUME 85, REPORT 34 FLUID MILK AND CREAM -CONTINUED FROM PAGE 4- easier access to condensed skim stocks for their daily activities. This could be because ice cream makers are not taking as much volumes of condensed skim compared to a few weeks ago. Cream sales have tumbled in the West. Class II users have reduced their consumptions. Hence, cream multiples also declined. This week, they range Secondary Sourced Information: The NASS Milk Production report noted July 2018 milk production in the 23 selected states was 17.3 billion pounds, 0.4 percent above a year ago. Milk cows in the 23 selected states totaled 8.74 million head, 1,000 head more than a year ago. The following table shows western states included in the report and the monthly milk production changes compared to a year ago: July 2018 Milk Production, (USDA-NASS) (Million Lb.) % Change From 1 Year Ago Arizona California Colorado Idaho New Mexico National Retail Report Dairy Fluid Milk Summary Advertised s at Major Retail Supermarket Outlets ending during the period of 8/17/2018 to 8/23/2018 Gallon, All Fat Tests Weighted Average National This Period Last Week Last Year Organic $6.99 $6.85 $5.49 Conventional $2.64 $3.33 $2.24 Regional (Conventional) Wtd. Ave. Low High ALASKA $3.79 $3.79 $3.79 HAWAII n.a. n.a. n.a. MIDWEST $2.50 $2.50 $2.50 NORTHEAST $1.59 $1.59 $1.59 NORTHWEST $1.99 $1.99 $1.99 SOUTH CENTRAL $2.62 $1.99 $3.99 SOUTHEAST $3.99 $3.99 $3.99 SOUTHWEST $2.49 $2.49 $2.49 Regional (Organic) Wtd. Ave. Low High ALASKA n.a. n.a. n.a. HAWAII n.a. n.a. n.a. MIDWEST n.a. n.a. n.a. NORTHEAST n.a. n.a. n.a. NORTHWEST n.a. n.a. n.a. SOUTH CENTRAL n.a. n.a. n.a. SOUTHEAST $6.99 $6.99 $6.99 SOUTHWEST $6.99 $6.99 $6.99 Half Gallon, All Fat Tests Weighted Average National This Period Last Week Last Year Organic $4.48 $3.89 $3.94 Conventional $2.02 $2.45 $3.25 Regional (Conventional) Wtd. Ave. Low High ALASKA $2.47 $2.47 $2.47 HAWAII $2.99 $2.99 $2.99 MIDWEST $1.97 $1.00 $2.99 NORTHEAST $1.89 $1.00 $2.49 NORTHWEST n.a. n.a. n.a. SOUTH CENTRAL $3.50 $3.50 $3.50 SOUTHEAST $1.91 $0.79 $2.50 SOUTHWEST $1.99 $1.99 $1.99 Regional (Organic) Wtd. Ave. Low High ALASKA n.a. n.a. n.a. HAWAII n.a. n.a. n.a. MIDWEST $3.71 $2.99 $4.25 NORTHEAST $4.73 $3.49 $5.99 NORTHWEST n.a. n.a. n.a. SOUTH CENTRAL $2.99 $2.99 $2.99 SOUTHEAST $4.28 $4.25 $4.29 SOUTHWEST $4.99 $4.99 $4.99

9 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 NONFAT DRY MILK, BUTTERMILK & WHOLE MILK s represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound. NONFAT DRY MILK - CENTRAL AND EAST CENTRAL: s increased on a busy trading week for low/ medium heat nonfat dry milk (NDM). Contacts point out that domestic low/medium heat NDM is a value when compared to global skim milk powder prices, and a heavier amount of shipments have headed into Mexico recently. Although spot trades have not reached this level, there are $.90 offers being reported. That said, some buyers are hesitant regarding the upward price shifts. They suggest the market uptick could be short-lived as production rates are steady, if only slightly lower. Currently, however, market sentiment is bullish. High heat NDM prices increased on the bottom of the range on a fairly light trading week. High heat NDM production activity is on the rise ahead of baking season, but most high heat NDM transactions are contract based. EAST: Low/medium heat nonfat dry milk f.o.b. spot prices adjusted higher based on active cash trading and index pricing. An unexpected increase in demand from a foreign buyer, Mexico, heightened interest in the domestic marketplace as well, driving the current price jump. Some sources see the current gain as a short run event, unable to sustain over the longer period. NDM dryer schedules are still active, but runs are well below capacity at some plants, as milk clearing into the South meets challenges due to the level of trucker availability. High heat NDM prices extended through the range on light f.o.b. spot trading. Some manufacturers have adjusted their dryer schedules to accommodate high heat NDM production. Wednesday at the CME Group Grade A NDM closed at $0.8750, increasing $ compared to the previous week. s for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk - Low & Medium Heat; $/LB: Mostly - Low & Medium Heat; $/LB: s for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk - High Heat; $/LB: NONFAT DRY MILK - WEST Compared to the previous week, the market tone for low/medium heat nonfat dry milk (NDM) in the West region seems to be firming as free on board (f.o.b.) spot prices inch up. As reported by some NDM processors, the market is strengthening due to seasonally lower farm milk production and stable interest from customers. In other words, the current NDM availability is below the existing steady demand from buyers/end users. A good part of NDM supplies is committed thru future contracts for the rest of the year and the first quarter of Having said this, trading activity in the cash market is light to moderate as NDM supplies are becoming tight. Meanwhile, requests from Mexico are strong as farm milk output is down in that country, while most schools are filling pipelines. Back to the U.S., the domestic interest from the bakery industry is good as the fall/winter baking season approaches. Drying schedules for condensed skim milk are considerably lower compared to the past spring flush season. Meanwhile, spot prices for high heat NDM are mixed with no major changes on the market from the previous week. Production is irregular, mostly dictated by contractual needs. However, buyers are having no difficulties finding some loads in the spot market. s for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk - Low & Medium Heat; $/LB: Mostly - Low & Medium Heat; $/LB: s for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk - High Heat; $/LB: CALIFORNIA MANUFACTURING PLANTS - NONFAT DRY MILK WEEK ENDING PRICE TOTAL SALES August 17 $ ,375,977 August 10 $ ,624,349 s are weighted averages for Extra Grade and Grade A Nonfat Dry Milk, f.o.b. California manufacturing plants. s for both periods were influenced by effects of long-term contract sales. Compiled by Dairy Marketing Branch, California Department of Food and Agriculture. DRY BUTTERMILK CENTRAL AND EAST CENTRAL: Buttermilk powder prices in the Central region are unchanged on a slow trading week. As churns increase in activity with lower cream prices recently, some contacts suggest supplies will come up and possibly dampen upward price movements. That said, buttermilk powder availability is limited right now, and baking season ahead means increasing demand. Some producers have suggested although current loads are contractually obligated, when they have spot loads available, they will expect prices over the current range. The buttermilk market tone is quiet. EAST: Previous week's dry buttermilk prices held steady on infrequent f.o.b. spot market trading. Availability is the actual problem, with producers' offerings presently little to none in the cash market. Dry buttermilk production varies at butter/powder plants, subject to the level of churning taking place. Cream supplies are steadily increasing in regional markets. Manufacturers are clearing dry buttermilk shipments only to regular customers. Demand at current prices is mostly light. s for: Eastern and Central U.S., All First Sales, F.O.B., Conventional, and Edible Buttermilk ; $/LB: DRY BUTTERMILK WEST Dry buttermilk prices in the West region are mostly higher, shadowing low/medium heat NDM upward pricing trends. The market is steadily firming as demands from bakers and dry mix blenders continue improving ahead of the upcoming baking season. In terms of production, drying schedules for condensed buttermilk are irregular as ice cream makers continue pulling volumes. Therefore, dry buttermilk stocks are becoming tight in the spot market, but are in balance to cover contractual needs. s for: Western U.S., All First Sales, F.O.B., Conventional, and Edible Buttermilk ; $/LB: Mostly - ; $/LB: DRY WHOLE MILK NATIONAL Across the country, dry whole milk f.o.b. prices are steady on light trading. Drying schedules for condensed whole milk are limited as most processors are focusing on the production of NDM/SMP. At this point, the market undertone is steady with no significant changes from last week. The domestic demand for dry whole milk is fair/good and expected to improve soon as the baking season approaches. Inventories are in balance to cover most s for: U.S., All First Sales, F.O.B., Conventional, and Edible Dry Whole Milk - 26% Butterfat; $/LB:

10 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 WHEY, WPC 34%, LACTOSE & CASEIN s represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound. DRY WHEY - CENTRAL Dry whey prices shifted up on the bottom of the mostly price series and top of the range. Contacts are confident in the near-term market tone, while spot market activity was quiet on a slow trading week. Supplies are tight, while a number of contacts are suggesting the recent recall in the upper Midwest has reduced availability regionally and has sent up an alert to buyers/end users. Production is steady to up, and some buyers have suggested September offers are showing signs of some potentially increasing near-future availability. Animal feed whey prices remain unchanged, while the spot market was relatively active within the current range. The whey market tone is steady to bullish. s for: Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey - Animal Feed; $/LB: s for: Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey - Non-Hygroscopic; $/LB: Mostly - Non-Hygroscopic; $/LB: DRY WHEY - NORTHEAST The Northeast price range moved up on both ends of the series this week, as market participants are purchasing at increased prices. In the region, supplies are overall tight, and some manufacturers are not offering additional spot loads to buyers. Northeastern dairy contacts report sourcing for dry whey in the Midwest. Additionally, some Northeastern buyers are purchasing from resellers in other regions to meet their current needs. Production is fairly stable as Class III manufacturers are receiving adequate milk supplies. Yet, Class I is pulling more milk to fill schools pipelines for the new school year. Dry whey demand is strong as buyers are purchasing regular spot loads with little to no pushback on pricing. The market undertone is firm. s for: Eastern U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey - Non-Hygroscopic; $/LB: s for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey - Non-Hygroscopic; $/LB: Mostly - Non-Hygroscopic; $/LB: WHEY PROTEIN CONCENTRATE s for whey protein concentrate 34% are unchanged on the range and the mostly price series. WPC 34% spot market activity was steady, as prices are falling within a fairly wide range due to buyer/ end user need. Some Midwestern contacts are sourcing to buy WPC34% from other regions to secure loads for their current needs. Availability reports point to a general tightness for WPC 34% that can be used for infant formula, while interchangeable supplies are outweighing demand. Production reports are steady to lower. The overall market tone of WPC 34% is quiet this week. s for: Central and Western U.S., All First Sales, F.O.B., Extra Grade, Conventional, and Edible Whey Protein Concentrate - 34% Protein; $/LB: Mostly - 34% Protein; $/LB: LACTOSE Lactose prices are unchanged for the second consecutive week, as spot trading activity was generally quiet. There is some talk in the industry of additional tariffs in September and how that news will affect the market. However, spot trades are remaining within the current zone. That said, there were multiple reports of Q4 hesitation from Southeast Asian buyers. Producers are maintaining confidence and relay that Q4 prices should hover around or above those of Q3. Feed-grade lactose is moving to domestic destinations at a faster clip out of the Central region, and some contacts suggest edible grade lactose is next, ahead of potential international bears. Overall, the market is uncertain. s for: Central and Western U.S., Spot Sales And Up 3 Month Contracts, F.O.B., Conventional, and Edible Lactose - Non Pharmaceutical; $/LB: Mostly - Non Pharmaceutical; $/LB: DRY WHEY - WEST In the West, f.o.b. prices for dry whey inched up at the top of the range, but remained steady anywhere else. According to some market participants, the whey market is somewhat tight worldwide, compelling some buyers to settle for higher prices in order to fulfill their immediate needs. Domestic and international requests are both solid. Sellers say that they are receiving a lot of inquiries for dry whey in the spot market. Some of those requests cannot be promptly met due to limited spot load accessibility. The baking sector orders are also picking up. Some purchasers/end-users are looking to lock in Q and Q contracts to safeguard dry whey coverages for future usages. Western dry whey production remains flat in accordance with current cheese production. The market tone seems strong; however, market participants are still pondering whether the effects of the tariffs will show at any point. CASEIN Acid casein prices are steady. The lower end of the rennet casein price range is slightly weaker, but steady on the top. Volumes of current sales activity are very low, reflecting low seasonal production. Buyers are still motivated to work toward finalizing contracts through this year to lock in supplies. s for: Spot Sales And Up 3 Month Contracts, Free on Board - Warehouse, Non-Restricted, All Mesh Sizes, Conventional, and Edible Casein Acid; - $/LB: Rennet; - $/LB: CONTINUE ON PAGE 6A-

11 -6A- DAIRY MARKET NEWS, AUGUST 20-24, 2018 VOLUME 85, REPORT 34 WHEY, WPC 34%, LACTOSE & CASEIN s represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound. Secondary Sourced Information: -CONTINUE ON PAGE 6A- Exports of casein from the EU this year through June, 30,090 MT, were 29 percent lower than one year ago according to Eucolait. The main destinations for EU exports this year through June were, the United States, 11,818 MT, 30.2 percent; Mexico, 5,072 MT, 13.0 percent; and Russia, 2,265 MT, 5.8 percent. EU casein imports through June, 9,236 MT, were down 20.5 percent from the prior year. The top three origins of casein imported were New Zealand, 4,578 MT, 49.6 percent; Ukraine, 3,137 MT, 34 percent; and Belarus, 458 MT, 5.3 percent.

12 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 U.S. Dairy Cow Slaughter (1000 head) under Federal Inspection 2018 WEEKLY WEEKLY 2017 WEEK ENDING DAIRY COWS CUMULATIVE DAIRY COWS DAIRY COWS CUMULATIVE DAIRY COWS 08/04/ , ,769.4 WEBSITE: SOURCE: The slaughter data are gathered and tabulated in a cooperative effort by the Agricultural Marketing Service, the Food Safety and Inspection Service, and the National Agricultural Statistics Service, all of USDA CLASS III MILK PRICES (3.5% Butterfat) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC CLASS IV MILK PRCES (3.5% Butterfat) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC FEDERAL MILK ORDER CLASS PRICES FOR 2018 (3.5% Butterfat) CLASS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC I 1/ II III IV / Specific order differentials to be added to this base price can be found by going to: then select s ; and then select Principal Pricing Points. $18.00 Class I $18.00 Class II $17.00 $17.00 $16.00 $16.00 $15.00 $15.00 $14.00 $14.00 $13.00 $13.00 $12.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $12.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $18.00 Class III $17.00 Class IV $17.00 $16.00 $16.00 $15.00 $15.00 $14.00 $14.00 $13.00 $13.00 $12.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $12.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

13 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 ORGANIC DAIRY MARKET NEWS Information gathered August 13-24, 2018 ORGANIC DAIRY FLUID OVERVIEW Milk Product Sales. AMS reports total organic milk products sales for June were 202 million pounds, down 3.1 percent from June 2017 and down 0.4 percent January-June 2018, compared with the same period of Organic whole milk sales for June 2018, 82 million pounds, were up 1.1 percent compared with June of last year and up 4.9 percent June year to date 2018 compared with ESTIMATED TOTAL U.S. SALES OF FLUID MILK PRODUCTS, June 2018, WITH COMPARISONS1/ Sales Change2/ June Y-T-D Prev Yr. Y-T-D Product Name Mil. Lbs. Percent ORGANIC PRODUCTION PRACTICE Whole Milk Reduced Fat Milk (2%) Low Fat Milk (1%) Fat-Free Milk (Skim) Flavored Fat-Reduced Milk Other Fluid Milk Products Total Fat-Reduced Milk 3/ Tot. Organic Milk Products ORGANIC DAIRY RETAIL OVERVIEW Total organic retail advertisements increased 11 percent. While organic milk ads increased 55 percent, prompted by an 89 percent increase in retail specials for half gallon packaging size, the volume of organic cheese ads plunged 69 percent and organic yogurt ads dropped 66 percent. Both organic 16 ounce cottage cheese and organic sour cream noted increases in retail ads, 187 percent and 90 percent, respectively. s for the various organic dairy products are mixed. The organic 16 ounce cottage cheese price is $3.82, up 33 cents from the previous period. Organic half gallon milk prices are lower, $3.77, down 71 cents. Of the organic dairy items surveyed, organic milk half gallon packaging size notes the largest price decline. The organic retail milk price premium, denotes the price difference between half gallons of organic and conventional milk, is $1.10, down from $2.46 the previous period. The following pie chart displays percentages of all the organic commodities detailed in the survey. Data source: USDA Dairy Market News 1/ These figures are representative of the consumption of fluid milk products in Federal milk order marketing areas and California, which account for approximately 92 percent of total fluid milk sales in the United States. An estimate of total U.S. fluid milk sales is derived by interpolating the remaining 8 percent of sales from the Federal milk order and California data. 2/ Percent changes, as well as sales volumes, unless otherwise noted, are shown on an unadjusted basis; 3/ Organic fat-reduced milk categories are total of reduced fat, low-fat, skim, and flavored fat reduced milk composition. New England Organic Milk Sales and Sourcing. Federal Milk Market Order 1, in New England, reports utilization of types of organic milk by pool plants. During July 2018, organic whole milk utilization totaled 14.8 million pounds, up from 14.2 million pounds one year earlier. The July 2018 butterfat content was 3.28 percent, even with July Organic reduced fat milk utilization for July 2018, 19.7 million pounds, was up from 18.4 million pounds one year earlier. Butterfat this July was 1.31 percent, up from 1.28 percent July Organic Dairy News. An Italian mozzarella producer has announced plans to build a commercial organic cheese plant in Northeast Indiana. USDA certified organic milk will be supplied by a local cooperative for producing a variety of cheeses, including mozzarella, burrata, ricotta, and provolone. September is set for construction to commence for the 3,000-square-foot cheese plant, on a 40-acre site. Complete results of this bi-weekly survey providing additional graphs, tables, and regional delineation, or can be accessed at: dybdairyorganic.pdf Advertising information presented is compiled from nearly 23,000 surveyed newspaper supermarket ads. s are valid from Aug 24-30, Retail survey ads reflect advertised specials and not the range of non-advertised supermarket cooler prices. Product pricing information of selected organic dairy commodities, from the current weekly retail survey, is presented in the following table: NATIONAL RETAIL ORGANIC DAIRY WEIGHTED AVERAGE ADVERTISED PRICE (Dollars) Commodity This Last Last Week Week Year Butter n.a Milk Half Gal Gal. n.a oz Ice Cream n.a CONTINUED ON PAGE 8A-

14 DAIRY MARKET NEWS, AUGUST 20-24, A- VOLUME 85, REPORT 34 ORGANIC DAIRY MARKET NEWS Information gathered August 13-24, CONTINUED FROM PAGE 8- NATIONAL RETAIL ORGANIC DAIRY WEIGHTED AVERAGE ADVERTISED PRICE (Dollars) Commodity This Last Last Week Week Year Yogurt 4-6 oz. Greek oz. Greek n.a oz. Yogurt n.a oz. Yogurt Data source: USDA/AMS/Weekly National Organic Summary Complete results of the National Retail Report-Dairy and Weekly National Organic Summary are accessible using the following links:1/ 2/ ORGANIC GRAIN FEEDSTUFF OVERVIEW Organic Grain and Feed Markets. Compared to two weeks ago, trading is moderate on good demand for feed grade corn, soybeans, and wheat. Growers are cleaning up old crop supplies of feed grade corn with the approach of new crop. Meanwhile, buyers are still looking for old crop supplies of feed grade soybean and wheat. Trading is picking up on feed grade barley and rye. Barley is trading delivered and rye delivered. Food grade wheat interest is good. Buyers are reporting protein levels higher than last year on lower yields. Feed grade soybean meal adjusted lower on light trading. Forward contract prices are at the f.o.b. level. Soybean oil is mostly steady on light activity. DIRECT TO CONSUMER ORGANIC DAIRY PRODUCTS PRICES The following tables identify U.S. price range results from a Dairy Market News national survey of publicly available prices of organic dairy products, available from farmstead outlets and online. There may be prices offered outside of the price range which were not identified by the survey. These are cows' milk products. Information is issued monthly for the period August 13-24, 2018 BUTTER Commodity Type Pack Size : Organic : $ Organic Butter 1 lb : Organic Butter 8 oz : CHEESE Commodity Type Pack Size Organic : $ Organic Cheese Cheddar year 8 oz : Organic Cheese Cheddar year 8 oz : Organic Cheese Cheddar - Medium 8 oz : Organic Cheese Cheddar - Mild 8 oz : Organic Cheese Cheddar - Sharp 8 oz : Organic Cheese Colby 8 oz : Organic Cheese Farmers 8 oz : Organic Cheese Gouda 8 oz : Organic Cheese Monterey Jack 8 oz : Organic Cheese Mozzarella 8 oz : Organic Cheese Muenster 8 oz : Organic Cheese Pepper Jack 8 oz : Organic Cheese Curds Per Lb : Source: Graphs by Livestock, Poultry and Grain Market News

15 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 July Milk Production Milk production in the 23 major States during July totaled 17.3 billion pounds, up 0.4 percent from July June revised production, at 17.2 billion pounds, was up 1.6 percent from June The June revision represented an increase of 40 million pounds or 0.2 percent from last month's preliminary production estimate. Production per cow in the 23 major States averaged 1,980 pounds for July, 8 pounds above July This is the highest production per cow for the month of July since the 23 State series began in The number of milk cows on farms in the 23 major States was 8.74 million head, 1,000 head more than July 2017, but 8,000 head less than June July 2018 Milk Cows and Milk Production, by States Milk Cows 1 Milk per Cow 2 Milk Production 2 State Change from (thousands) (pounds) (million pounds) (percent) AZ ,975 1, CA 1,747 1,735 1,930 1,895 3,372 3, CO ,255 2, FL ,645 1, ID ,160 2,155 1,298 1, IL ,690 1, IN ,870 1, IA ,005 2, KS ,920 1, MI ,255 2, MN ,835 1, NM ,125 2, NY ,045 2,065 1,276 1, OH ,790 1, OR ,755 1, PA ,730 1, SD ,905 1, TX ,990 2,075 1,025 1, UT ,030 2, VT ,800 1, VA ,605 1, WA ,070 2, WI 1,278 1,274 2,025 2,055 2,588 2, State Total 8,734 8,735 1,972 1,980 17,224 17, Includes dry cows. Excludes heifers not yet fresh. 2 Excludes milk sucked by calves. Source: U.S. Department of Agriculture. National Agricultural Statistics Service. Agricultural Statistics Board. Milk Production, (August 2018).

16 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 MONTHLY COLD STORAGE REPORT TOTAL U.S. STOCKS NOTE: Data for this report is collected from public, private and semiprivate warehouses, apple houses, and meat packing plants where food products are generally stored for 30 days or more. Commodities in space owned or leased and operated by the armed services are not reported. Food stocks held under bond are included in the storage data. All stocks in thousand pounds except where otherwise indicated U.S. H O L D I N G S O F D A I R Y P R O D U C T S COMMODITY JUNE 30, 2016 JUNE 30, 2017 REVISED JUNE 30, 2018 JULY 31, 2016 JULY 31, 2017 JULY 31, 2018 Butter 328, , , , , ,047 Cheese, Natural American 756, , , , , ,624 Cheese, Swiss 24,492 25,495 31,312 25,702 27,009 32,189 Cheese, Other Natural 468, , , , , ,445 Total Cheese 1,250,328 1,316,698 1,388,638 1,275,546 1,369,506 1,414,258 J U L Y S T O R A G E H O L D I N G S B Y R E G I O N New England Middle Atlantic East North Central West North Central South Atlantic East South Central West South Central Mountain Pacific REGION Natural American Cheese Butter * Other Natural Cheese ,996 66,990 67, ,586 60,325 68,320 21,045 18,211 19, , , , , , , , , ,755 48,706 48,191 47,940 2, ,703 33,287 27,133 7,341 15,101 15,485 23,260 15,874 17,235 16,453 21,027 10,196 1,319 1,484 1,850 49,247 54,515 60,930 4,220 8,000 4, , , ,502 50,243 48,170 59,159 TOTAL 769, , , , , , , , ,445 *Regional breakdowns are not reported to avoid possible disclosure of individual operations. MILLION POUNDS Butter Cold Storage Holdings JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN

17 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85 REPORT 34 Market Summary and Utilization Report, July 2018 Highlights: During July 12.1 billion pounds of milk were received from federally pooled producers. This volume of milk is 1.9 percent higher than the July 2017 volume. Regulated handlers pooled 3.1 billion pounds of producer milk as Class I products, down 1.1 percent when compared to the previous year. Class I utilization decreased from last year in 6 of the 10 Federal Milk Order Marketing areas. The all-market average Class utilization percentages were: Class I = 25 percent, Class II = 12 percent, Class III = 49 percent, and Class IV = 14 percent. The weighted average statistical uniform price was $15.37 per cwt, down $0.73 from last month and down $1.73 from last year. Federal Milk Order Marketing Area 1 Order Number Utilization of Producer Milk Receipts of Producer Milk in Class I Change from Change from Total Total Prev. Year Prev. Year (million lbs) (percent) (million lbs) (percent) Northeast (Boston) 001 2, Appalachian (Charlotte) Florida (Tampa) Southeast (Atlanta) Upper Midwest (Chicago) 030 3, Central (Kansas City) 032 1, Mideast (Cleveland) 033 1, Pacific Northwest (Seattle) Southwest (Dallas) 126 1, Arizona (Phoenix) All Market Total or Average 2 12, , Names in parentheses are the major city in the principal pricing point of the market. 2 Averages are the weighted average percent change. Federal Milk Order Marketing Area 1 Order Number Utilization of Producer Milk in All Classes 2 Class I Class II Class III Class IV (percent) 2 Uniform 3 ($ per cwt) Northeast (Boston) Appalachian (Charlotte) Florida (Tampa) Southeast (Atlanta) Upper Midwest (Chicago) Central (Kansas City) Mideast (Cleveland) Pacific Northwest (Seattle) Southwest (Dallas) Arizona (Phoenix) All Market Total or Average Names in parentheses are the major city in the principal pricing point of the market. 2 Totals may not add to 100 percent due to rounding. Averages are weighted averages. 3 Statistical uniform price for component pricing orders (Class III price plus producer price differential). For other orders, uniform skim milk price times plus uniform butterfat price times 3.5.

18 DAIRY MARKET NEWS, AUGUST 20-24, VOLUME 85, REPORT 34 Mailbox Milk s for Selected Reporting Areas, In Federal Milk Orders and California, May 2018, With Comparisons In May 2018, mailbox milk prices for selected reporting areas in Federal milk orders averaged $15.70 per cwt, up $0.29 from the April 2018 average but down $0.45 per cwt from the May 2017 average. The component tests of producer milk in May 2018 were: butterfat, 3.79%; protein, 3.08%; and other solids, 5.78%. When compared to the previous month, the May mailbox prices increased in 17 of the Federal milk order reporting areas. The New Mexico reporting area reported the largest increase of $0.51 per cwt from the previous month while both the Eastern Pennsylvania and the Ohio reporting areas reported a decrease of $0.06 per cwt from the previous month. Averaged over all Federal milk order reporting areas, the May 2018 mailbox milk price increased an average of $0.27 per cwt. Mailbox prices in May 2018 ranged from $17.40 in the Florida reporting area to $13.84 in the New Mexico reporting area. Reporting Area 1 Mailbox Milk 2 May 2017 Apr 2018 May 2018 (dollars per hundredweight) New England States New York Eastern Pennsylvania Appalachian States Southeast States Southern Missouri Florida Western Pennsylvania Ohio Indiana Michigan Wisconsin Minnesota Iowa Illinois Corn Belt States Western Texas New Mexico Northwest States All Federal Order Areas California Areas for which prices are reported for at least 75% of the milk marketed under Federal milk orders. 2 Net pay prices received by dairy farmers for milk. s reflect all payments received for milk sold and all costs associated with marketing the milk. s are weighted averages of the prices reported for all orders receiving milk from the reporting area and are reported at the average butterfat tests. s include, for the most part, the assessment under the Cooperatives Working Together (CWT) program. 3 Includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. 4 Includes all counties to the east of those listed in 8. 5 Includes Kentucky, North Carolina, South Carolina, Tennessee, and Virginia. 6 Includes Alabama, Arkansas, Georgia, Louisiana, and Mississippi. 7 Includes the counties Vernon, Cedar, Polk, Dallas, Laclede, Texas, Dent, Crawford, Washington, St. Francois, and Perry, and all those to the south of these. 8 The counties of Warren, Elk, Clearfield, Indiana, Westmoreland, and Fayette, and all those counties to the west of these. 9 Includes Kansas, Nebraska, and the Missouri counties to the north of those listed in Includes all counties to the west of Fanin, Hunt, Van Zandt, Henderson, Houston, Cherokee, Nacogdoches, and Shelby. 11 Includes Oregon and Washington. 12 Weighted average of prices for all reporting areas. 13 Calculated by California Department of Food and Agriculture.

19 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85, REPORT 34 September 2018 Highlights Base Class I : Under the Federal milk order pricing system, the base Class I price for September 2018 is $14.85 per cwt. This price is derived from the advanced Class III skim milk pricing factor of $5.92 and the advanced butterfat pricing factor of $ A Class I differential for each order's principle pricing point (county) is added to the base price to determine the Class I. Class II Information: The advanced Class IV skim milk pricing factor is $5.73. Thus, the Class II skim milk price for September 2018 is $6.43 per cwt, and the Class II nonfat solids price is $ Product Averages: The two-week product price averages for September 2018 are: butter $2.3282, nonfat dry milk $0.8109, cheese $ and dry whey $ Federal Milk Order Marketing Area 3 Advanced Class s for September 2018 Federal Milk Order Class I Information 1, 2 Order Number September 2018 Class I Class I Class I Skim Milk Butterfat (3.5%) (dollars per cwt) (dollars per cwt) (dollars per pound) Northeast (Boston) Appalachian (Charlotte) Florida (Tampa) Southeast (Atlanta) Upper Midwest (Chicago) Central (Kansas City) Mideast (Cleveland) Pacific Northwest (Seattle) Southwest (Dallas) Arizona (Phoenix) All-Market Average To convert the Class I price per 100 pounds to the Class I price per gallon, divide by the approximate number of gallons in 100 pounds of milk. 2 Note: The mandatory $0.20 per cwt processor assessment under the Fluid Milk Promotion Order is not included in the Class I prices shown on this table. 3 Names in parentheses are the major city in the principal pricing point of the markets. 4 Class I prices at other cities are: New York City, minus $0.10; Philadelphia, minus $0.20; Baltimore, minus $0.25, and Washington, DC, minus $ Class I prices at other cities are: Knoxville, minus $0.20 and Louisville, minus $ Class I prices at other cities are: Orlando, same; Miami, plus $0.60; and Jacksonville, minus $ Class I prices at other cities are: New Orleans, same; Memphis, minus $0.90; Nashville, minus $0.90; and Springfield, MO, minus $ Class I prices at other cities are: Milwaukee, minus $0.05; and Minneapolis, minus $ Class I prices at other cities are: Des Moines, minus $0.20; Omaha, minus $0.15; Oklahoma City, plus $0.60; St. Louis, same; and Denver, plus $ Class I prices at other cities are: Indianapolis, same; Cincinnati, plus $0.20; Pittsburgh, plus $0.10; and Detroit, minus $ Class I prices at other cities are: Portland, same; and Spokane, same. 12 Class I prices at other cities are: Houston, plus $0.60; San Antonio, plus $0.45; Albuquerque, minus $0.65; and El Paso, minus $0.75. Report Contact: Randal Stoker, or

20 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85, REPORT 34 August 2018 Highlights: U.S. simple average prices are: $3.26 per gallon for conventional whole milk, $3.19 per gallon for conventional reduced fat 2% milk, $4.07 per half gallon organic whole milk, and, $4.07 per half gallon organic reduced fat 2% milk. Retail s for Conventional Whole Milk, Average of Three Outlets, Selected Cities, by Months, City and State Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2 (dollars per gallon) Atlanta, GA Baltimore, MD Boston, MA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI New York, NY Hartford, CT Houston, TX Indianapolis, IN Kansas City, MO Louisville, KY Miami, FL Milwaukee, WI Minneapolis, MN New Orleans, LA Oklahoma City, OK Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, OR Seattle, WA St. Louis, MO Syracuse, NY Washington, DC Wichita, KS Simple Average As collected by Federal milk order market administrators based on a survey conducted one day between the 1st and 10th of each month (excluding Fridays and weekends) in selected cities or metropolitan areas. One outlet of the largest and second largest food store chains and the largest convenience store chain are surveyed. The price represents the most common brand in nonreturnable containers. 2 Simple average of monthly prices. 3 Data for May and July is not available for Oklahoma City.

21 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85, REPORT 34 Retail s for Conventional Reduced Fat (2%) Milk, Average of Three Outlets, Selected Cities, by Months, City and State Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2 (dollars per gallon) Atlanta, GA Baltimore, MD Boston, MA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI New York, NY Hartford, CT Houston, TX Indianapolis, IN Kansas City, MO Louisville, KY Miami, FL Milwaukee, WI Minneapolis, MN New Orleans, LA Oklahoma City, OK Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, OR Seattle, WA St. Louis, MO Syracuse, NY Washington, DC Wichita, KS Simple Average As collected by Federal milk order market administrators based on a survey conducted one day between the 1st and 10th of each month (excluding Fridays and weekends) in selected cities or metropolitan areas. One outlet of the largest and second largest food store chains and the largest convenience store chain are surveyed. The price represents the most common brand in nonreturnable containers. 2 Simple average of monthly prices. 3 Data for May and July is not available for Oklahoma City.

22 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85, REPORT 34 Retail s for Organic Whole Milk, Average of Two Outlets, Selected Cities, by Months, City and State Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2 (dollars per half gallon) Atlanta, GA Baltimore, MD Boston, MA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI New York, NY Hartford, CT Houston, TX Indianapolis, IN Kansas City, MO Louisville, KY Miami, FL Milwaukee, WI Minneapolis, MN New Orleans, LA Oklahoma City, OK Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, OR Seattle, WA St. Louis, MO Syracuse, NY Washington, DC Wichita, KS Simple Average As collected by Federal milk order market administrators based on a survey conducted one day between the 1st and 10th of each month (excluding Fridays and weekends) in selected cities or metropolitan areas. One outlet of the largest and second largest food store chains are surveyed. The price represents the most common brand in nonreturnable containers. 2 Simple average of monthly prices. 3 Data for May and July is not available for Oklahoma City.

23 DAIRY MARKET NEWS, AUGUST 20 24, VOLUME 85, REPORT 34 Retail s for Organic Reduced Fat (2%) Milk, Average of Two Outlets, Selected Cities, by Months, City and State Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2 (dollars per half gallon) Atlanta, GA Baltimore, MD Boston, MA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI New York, NY Hartford, CT Houston, TX Indianapolis, IN Kansas City, MO Louisville, KY Miami, FL Milwaukee, WI Minneapolis, MN New Orleans, LA Oklahoma City, OK Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, OR Seattle, WA St. Louis, MO Syracuse, NY Washington, DC Wichita, KS Simple Average As collected by Federal milk order market administrators based on a survey conducted one day between the 1st and 10th of each month (excluding Fridays and weekends) in selected cities or metropolitan areas. One outlet of the largest and second largest food store chains are surveyed. The price represents the most common brand in nonreturnable containers. 2 Simple average of monthly prices. 3 Data for May and July is not available for Oklahoma City..

24 DAIRY MARKET NEWS, AUGUST 20 24, G1- VOLUME 85, REPORT 34 MILLION HEAD 8.75 Milk Cow Numbers - 23 Selected States Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN BILLION POUNDS 18.0 Milk Production - 23 Selected States Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN NOTE FEB DATA FOR 2016 ADJUSTED TO 28 DAY EQUIVALENT

25 DAIRY MARKET NEWS, AUGUST 20 24, G2- VOLUME 85, REPORT 34 U.S. Natural American Cheese Cold Storage Holdings MILLION POUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN U.S. Other Natural Cheese Cold Storage Holdings MILLION POUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN MILLION POUNDS 33 U.S. Swiss Cheese Storage Holdings Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DATA SOURCE, USDA, NASS; GRAPH, USDA, AMS, DMN

26 Dairy Market News Branch Agricultural Marketing Service National Retail Report-Dairy Websites: and Volume 85- Number 34 Issued Weekly Friday, August 24, 2018 Advertised s for Dairy Products at Major Retail Supermarket Outlets ending during the period of 08/24/2018 to 08/30/2018 The total number of conventional dairy ads increased 12 percent from last week. Likewise, organic dairy ads raised by 11 percent. Total ads for conventional ice cream in ounce containers increased 9 percent, and it is the most advertised item this week. Its weighted average advertised price is $2.86, 11 cents lower from last week. The U.S. average conventional one pound butter price is $3.52, 6 cents higher than last week. Total ads increased by 3 percent this week. The national weighted average advertised conventional milk price for half gallons is $2.67, while organic half gallon milk averaged $3.77, an organic price premium of $1.10. Conventional milk ad numbers increased 56 percent, while organic milk ad numbers increased 55 percent. During this week, total ads for conventional and organic milk half gallons increased 87 and 89 percent, respectively. Conventional cheese ad numbers decreased 4 percent, and decreased 69 percent for organic. The weighted average price of conventional 1 pound shred cheese is $3.72 and $6.99 for organic, an organic premium of $3.27. Total conventional yogurt ads decreased by 5 percent, and decreased 66 percent for organic. The weighted average advertised price for organic Greek yogurt in 4-6 ounce containers is $1.25, while conventional Greek yogurt in 4-6 ounce containers averaged $1.00, representing an organic premium of 25 cents. Top 5 Commodities Featured This Week 24K 08/24/ /17/ /10/ K with Ads 16K 12K 8K 4K 0K Cheese Yogurt Ice cream Milk Cream cheese 1 -- Dairy Market News surveys nearly 150 retailers, comprising over 23,000 individual stores, with online weekly advertised features.

27 National Retail Report - Dairy Vol 85 - No. 34 Friday, August 24, Page 2 Percentage of Total Conventional Ads by Commodity Butter, 2% Yogurt, 22% Cheese, 27% Sour cream, 5% Milk, 6% Cottage cheese, 4% Ice cream, 15% Flavored milk, 3% Cream cheese, 9% Percentage of Total Organic Ads by Commodity Sour cream, 3% Yogurt, 8% Cheese, 2% Cottage cheese, 7% Milk, 80% - Simple weighted average

28 National Retail Report - Dairy Vol 85 - No. 34 Friday, August 24, Page 3 NATIONAL -- CONVENTIONAL DAIRY PRODUCTS THIS PERIOD LAST WEEK LAST YEAR Commodity Type Pack Size With Ads With Ads With Ads Butter 1 # Cheese Natural Varieties 8 oz block Cheese Natural Varieties 1 # block Cheese Natural Varieties 2 # block Cheese Natural Varieties 8 oz shred Cheese Natural Varieties 1 # shred Cottage cheese 16 oz Cream cheese 8 oz Flavored milk All fat tests half gallon Flavored milk All fat tests gallon Ice cream 48-64oz Milk All fat tests half gallon Milk All fat tests gallon Sour cream 16 oz Yogurt Greek 4-6 oz Yogurt Greek 32 oz Yogurt Yogurt 4-6 oz Yogurt Yogurt 32 oz REGIONAL -- CONVENTIONAL DAIRY PRODUCTS NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S. Commodity Type Pack Size with Ads Wtd Avg with Ads Wtd Avg with Ads Butter 1 # Cheese Natural Varieties 8 oz block Cheese Natural Varieties 1 # block Cheese Natural Varieties 2 # block Cheese Natural Varieties 8 oz shred Cheese Natural Varieties 1 # shred Cottage cheese 16 oz Cream cheese 8 oz Flavored milk All fat tests half gallon Flavored milk All fat tests gallon Ice cream 48-64oz Milk All fat tests half gallon Milk All fat tests gallon Sour cream 16 oz Yogurt Greek 4-6 oz Yogurt Greek 32 oz Simple weighted average

29 National Retail Report - Dairy Vol 85 - No. 34 Friday, August 24, Page 4 NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S. Commodity Type Pack Size with Ads Wtd Avg with Ads Wtd Avg with Ads Yogurt Yogurt 4-6 oz Yogurt Yogurt 32 oz SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S. Commodity Type Pack Size with Ads with Ads Wtd Avg with Ads Butter 1 # Cheese Natural Varieties 8 oz block Cheese Natural Varieties 2 # block Cheese Natural Varieties 8 oz shred Cheese Natural Varieties 1 # shred Cottage cheese 16 oz Cream cheese 8 oz Flavored milk All fat tests half gallon Flavored milk All fat tests gallon Ice cream 48-64oz Milk All fat tests half gallon Milk All fat tests gallon Sour cream 16 oz Yogurt Greek 4-6 oz Yogurt Greek 32 oz Yogurt Yogurt 4-6 oz Yogurt Yogurt 32 oz ALASKA U.S. HAWAII U.S. Commodity Type Pack Size with Ads with Ads Wtd Avg Cheese Natural Varieties 8 oz block Cheese Natural Varieties 1 # block Cheese Natural Varieties 8 oz shred Cottage cheese 16 oz Cream cheese 8 oz Flavored milk All fat tests gallon Ice cream 48-64oz Milk All fat tests half gallon Milk All fat tests gallon Sour cream 16 oz Yogurt Greek 4-6 oz Yogurt Yogurt 4-6 oz Yogurt Yogurt 32 oz Simple weighted average

30 National Retail Report - Dairy Vol 85 - No. 34 Friday, August 24, Page 5 NATIONAL -- ORGANIC DAIRY PRODUCTS THIS PERIOD LAST WEEK LAST YEAR Commodity Type Pack Size With Ads With Ads With Ads Butter 1 # Cheese Natural Varieties 8 oz block Cheese Natural Varieties 8 oz shred Cheese Natural Varieties 1 # shred Cottage cheese 16 oz Ice cream 48-64oz Milk All fat tests half gallon Milk All fat tests gallon Milk All fat tests 8 oz UHT Sour cream 16 oz Yogurt Greek 4-6 oz Yogurt Greek 32 oz Yogurt Yogurt 4-6 oz Yogurt Yogurt 32 oz REGIONAL -- ORGANIC DAIRY PRODUCTS NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S. Commodity Type Pack Size with Ads Wtd Avg with Ads Wtd Avg with Ads Cottage cheese 16 oz Milk All fat tests half gallon Yogurt Greek 4-6 oz Yogurt Yogurt 32 oz SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S. Commodity Type Pack Size with Ads with Ads Wtd Avg with Ads Cheese Natural Varieties 1 # shred Cottage cheese 16 oz Milk All fat tests half gallon Simple weighted average

31 National Retail Report - Dairy Vol 85 - No. 34 Friday, August 24, Page 6 SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S. Commodity Type Pack Size with Ads with Ads Wtd Avg with Ads Sour cream 16 oz ALASKA U.S. HAWAII U.S. Commodity Type Pack Size with Ads with Ads Wtd Avg Milk All fat tests 8 oz UHT As used in this report, regions include the following states: REGIONAL DEFINITIONS NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S. SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S. ALASKA HAWAII NATIONAL Connecticut, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New jersey, New York, Pennsylvania, Rhode Island and Vermont Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Dakota, Nebraska, Ohio, South Dakota and Wisconsin Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, and Texas Arizona, California, Nevada and Utah Idaho, Montana, Oregon, Washington, and Wyoming Alaska Hawaii Continental United States - Simple weighted average

32 Dairy Market News United States Department of Agriculture Agricultural Marketing Service Dairy Programs Market Information Branch Volume 85, Report 34 August 24, 2018 GENERAL NUMBER (608) Elizabeth Frederick (608) ORGANIC/ EAST Daniel Johnson (608) EAST Jessica Mueller (608) CENTRAL Israel Weber (608) SOUTHWEST/SOUTH AMERICA AJ (Angel José) Terán (608) SOUTHWEST Florence Kone-Gonzalez (608) NORTHWEST/MOUNTAIN Mike Bandli (608) EUROPE & OCEANIA/ ORGANIC Eric Graf (608) NATIONAL SUPERVISOR Janet Linder (608) BRANCH CHIEF Butch Speth (608) INTERNET ADDRESS MARKET NEWS PORTAL RECORDED INFORMATION SYSTEM (608) FAX (608) USDA, Dairy Market News 4600 American Parkway, STE 106 Madison, WI USDA is an equal opportunity provider and employer

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