Modest reductions in grain and hay prices moved the June monthly Margin Protection Program (MPP) feed cost formula calculation down by $0.12 from May to $7.97 per hundredweight. The bimonthly MPP margin for May–June was $8.97 per hundredweight, up $0.02 from the March–April margin.
The further easing of the milk production buildup of the past year or so has contributed to lower product stocks, and ultimately to stronger milk prices.
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