2018 September Board Book

California Pool Prices

California Minimum Class Prices

Hundredweight Prices

Hundredweight Prices

Class

Mar.

Apr.

May.

Pool Price Jan.

Feb. Mar.

Quota

$14.94 $13.24

$14.71 $13.01

$15.07 $13.37

1 No. Calif. So. Calif. 2 No. Calif.

$15.20 $15.97 $16.09 $15.47 $16.24 $16.36 $13.57 $13.29 $13.29 $13.81 $13.52 $13.52 $13.52 $13.24 $13.24 $13.01 $13.29 N/A $13.96 $14.27 N/A

Overbase

So. Calif.

3

California Milk Production Average Daily Basis, 2016 - 2018 CALIFORNIA MILK PRODUCTION Average Daily Basis 2016, 2017, 2018

4a 4b

Quota Transfer Summary

120

Quota Transfers Number of Sellers

Mar.

Apr.

May.

115

3

4 6

110

Pounds of SNF Quota Transferred 5,035 5,466 10,662 Average Price Per Pound of SNF Quota $527 $533 $536

105 In Million Pounds

100

1

2

3

4

5

6

7

8

9

10

11

12

2016

2017

2018

California Alfalfa Hay WeeklyWeighted Average Prices ($/Ton) − Delivered Week Ending March 30, 2018 April 6, 2018 April 13, 2018 April 20, 2018 Delivered Tons Price Range Tons Price Range Tons Price Range Tons Price Range Tulare, Hanford Areas Supreme 1,975 $285-$292 2,000 $285-$295 2,520 $285-$300 1,450 $285-$305 Premium 300 $275 200 $275-$285 1,850 $260-$290 1,281 $275-$285 Good - No Sales 1,300 $240-$260 - No Sales 2,900 $240-$255 Fair - No Sales 650 $225-$230 175 $225 400 $225-$230 Escalon, Modesto, Turlock Areas Supreme 200 $285-$297 425 $285-$297 250 $285-$290 75 $290 Premium - No Sales 225 $275 - No Sales - No Sales Good 175 $245-$268 525 $250-$260 125 $250 - No Sales Fair 150 $210-$225 - No Sales 385 $210-$225 150 $225-$230

Source: The Hoyt Report, Inc.

2

California Dairy Review