2018 May Board Book

California Minimum Class Prices

California Pool Prices

Pool Price Nov. Hundredweight Prices

Hundredweight Prices

Dec. Jan

Class

Jan.

Feb.

Mar.

Quota

$16.72 $15.02

$15.40 $13.70

$14.94 $13.24

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

$16.07 $15.47 $15.20 $16.35 $15.74 $15.47 $14.49 $13.57 $13.57 $14.73 $13.81 $13.81 $14.44 $13.52 $13.52 $12.93 $12.72 N/A $13.37 $13.38 N/A

Overbase

California Milk Production

So. Calif.

Average Daily Basis, 2016 - 2018 CALIFORNIA MILK PRODUCTION Average Daily Basis 2016, 2017, 2018

3

4a 4b

120

115

Quota Transfer Summary

110

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

Jan.

Feb.

Mar.

4

6 3

In Million Pounds

105

2,913 8,958 5,035

$528 $536 $527

100

1

2

3

4

5

6

7

8

9

10

11

12

2016 2017 Milk Production Cost Comparison Summary for California 2016-2017 2018 California Milk Production Cost Comparison, by Region, 2016-2017

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 January 26, 2018 February 2, 2018 February 9, 2018 February 16, 2018 Delivered Tons Price Range Tons Price Range Tons Price Range Tons Price Range Tulare, Hanford Areas Supreme 700 $280-$300 1,150 $285 200 $285 400 $285-$290 Premium 475 $270-$280 975 $270-$283 975 $275 1,850 $265-$280 Good 200 $245-$250 500 $235-$245 - No Sales 375 $240-$250 Fair 600 $213-$220 705 $215-$225 150 $210-$215 - No Sales Escalon, Modesto, Turlock Areas Supreme - No Sales 200 $290-$295 75 $290 - No Sales Premium 155 $270-$280 350 $275-$283 50 $280 - No Sales Good 150 $240-$250 - No Sales 1,175 $235-$255 100 $250-$260 Fair 450 $203-$215 300 $205-$220 100 $210 75 $218-$225

Source: The Hoyt Report, Inc.

2

California Dairy Review