2018 December Board Book

California Pool Prices

California Minimum Class Prices

Hundredweight Prices

Hundredweight Prices

Class

Jul.

Aug.

Sep.

Pool Price May.

Jun. Jul.

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

$16.86 $16.14 $16.87 $17.13 $16.41 $17.14 $14.10 $14.40 $14.40 $14.33 $14.63 $14.63 $14.05 $14.35 $14.35 $13.72 $14.05 N/A $14.09 $15.06 N/A

Quota

$15.93 $14.23

$15.94 $14.24

$15.57 $13.87

Overbase

So. Calif.

California Milk Production Average Daily Basis, 2016 - 2018 CALIFORNIA MILK PRODUCTION Average Daily Basis 2016, 17, 2018

3

4a 4b

120

Quota Transfer Summary

Quota Transfers Number of Sellers Pounds of SNF Quota Transferred Average Price Per Pound of SNF Quota

Jul.

Aug. Sep.

115

5

11 8

110

7,276 15,168 9,081

In Million Pounds

105

$539 $534 $512

100

1

2

3

4

5

6

7

8

9

10

11

12

2016

2017

2018

Milk Production Cost Comparison Summary for California 2017-2018 California Milk Production Cost Comparison, by Region, 2017-2018

North Coast

North Valley

South Valley

California Southern

Statewide

Weighted Average

Quarter

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

Dollars per Hundredweight

1st Quarter

Total Costs

$29.08 $28.89 $15.76 $16.02 $15.41 $15.49 $15.41 $14.60 $15.85 $15.92

Total Costs & Allowances*

$31.17 $30.77 $17.15 $17.25 $16.87 $16.78 $17.04 $15.99 $17.30 $17.19

* Includes an allowance for management and a return on investment.

California Alfalfa Hay WeeklyWeighted Average Prices ($/Ton) − Delivered Week Ending July 20, 2018 July 27, 2018 August 3, 2018 August 10, 2018 Delivered Tons Price Range Tons Price Range Tons Price Range Tons Price Range Tulare, Hanford Areas Supreme 1,525 $275-$290 250 $278-$284 600 $280-$285 225 $280-$288 Premium 2,625 $260-$265 500 $260-$265 2,500 $265-$270 2,800 $260-$275 Good 1,025 $230-$255 2,175 $220-$244 2,900 $225-$258 1,425 $225-$245 Fair 5,028 $205-$222 5,800 $207-$225 5,764 $207-$220 4,675 $205-$220 Escalon, Modesto, Turlock Areas Supreme 900 $280-$290 325 $270-$280 825 $270-$290 2,320 $275-$290 Premium 400 $260-$270 1,300 $250-$265 200 $260 488 $258-$265 Good 300 $230-$240 2,000 $228-$235 650 $230-$240 300 $228-$235 Fair 1,650 $195-$213 600 $190-$220 2,475 $180-$210 650 $190-$200

Source: The Hoyt Report, Inc.

2

California Dairy Review