2018 March Board Book

California Minimum Class Prices

California Pool Prices

Hundredweight Prices

Hundredweight Prices

Pool Price Oct.

Nov. Dec.

Class

Dec.

Jan.

Feb.

Quota

$17.20 $15.50

$16.72 $15.02

$15.40 $13.70

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

$17.95 $16.07 $15.47 $18.23 $16.35 $15.74 $14.49 $14.49 $13.57 $14.73 $14.73 $13.81 $14.44 $14.44 $13.52 $13.36 $12.93 N/A $13.52 $13.37 N/A

Overbase

California Milk Production

So. Calif.

Average Daily Basis, 2015 - 2017 CALIFORNIA MILK PRODUCTION Average Daily Basis 2015, 2016, 2017

3

4a 4b

125

120

Quota Transfer Summary

115

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

Dec.

Jan.

Feb.

110

2

4 6

In Million Pounds

1,130 2,913 8,958

105

$534 $528 $536

100

1

2

3

4

5

6

7

8

9

10

11

12

2015 2017 California Milk Production Cost Comparison, by Region, 2016-2017 Milk Production Cost Comparison Summary for California 2016-2017 2016

North Coast

North Valley

South Valley

Southern California

Statewide

Weighted Average

Quarter

2016

2017

2016

2017

2016

2017

2016

2017

2016

2017

Dollars per Hundredweight

1st Quarter

Total Costs

$28.57 $29.08 $17.07 $15.76 $16.45 $15.41 $16.28 $15.41 $16.94 $15.85

Total Costs & Allowances*

$30.65 $31.17 $18.53 $17.15 $17.95 $16.87 $17.77 $17.04 $18.44 $17.30

2nd Quarter Total Costs

$26.50 $27.00 $16.72 $15.44 $16.12 $15.38 $15.53 $15.02 $16.54 $15.65

Total Costs & Allowances*

$28.30 $28.94 $17.99 $16.75 $17.46 $16.76 $17.00 $16.50 $17.87 $17.01

3rd Quarter Total Costs

$27.04 $26.80 $16.80 $16.30 $16.43 $16.39 $16.36 $16.10 $16.82 $16.59

Total Costs & Allowances*

$28.80 $28.69 $18.11 $17.66 $17.82 $17.83 $17.94 $17.65 $18.19 $18.00

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

California Alfalfa Hay WeeklyWeighted Average Prices ($/Ton) − Delivered * Week Ending December 22, 2017 January 5, 2018 January 12, 2018 January 19, 2018 Delivered Tons Price Range Tons Price Range Tons Price Range Tons Price Range Tulare, Hanford Areas Supreme 200 $287-$300 350 $285-$295 150 $280-$300 50 $285-$290 Premium 425 $275 375 $260-$270 125 $255-$285 2,250 $262-$275 Good 350 $225-$255 1,800 $230-$255 1,025 $235-$265 1,025 $230-$260 Fair 525 $205-$210 1,960 $210-$220 1,050 $215-$220 500 $220-$225 Escalon, Modesto, Turlock Areas Supreme 1,050 $295-$308 225 $300 - No Sales 100 $280-$295 Premium 1,150 $265-$280 - No Sales 425 $270-$283 25 $268 Good 1,000 $240-$250 319 $230-$250 505 $230-$268 50 $230 Fair 1,100 $190-$200 724 $210-$220 450 $200-$220 150 $215-$220

* Week ending December 29 not available

Source: The Hoyt Report, Inc.

2

California Dairy Review