Here’s an update on economic factors impacting your dairy finances as November 2023 comes to a close.

Here’s an update on economic factors impacting your dairy finances entering the final week of November 2023.

The Senate is expected to pass the legislation and send it to President Joe Biden this week, averting a potential government shutdown on Nov. 17.

Over the weekend, the four leaders of the House and Senate Agriculture Committees agreed to a provision that extends the current farm bill into next year.

The October DMC margin is forecast at about $9.54 per cwt, above the maximum Tier I DMC coverage level of $9.50 per cwt.

The USDA National Agricultural Statistics Service (NASS) released its latest Ag Prices report on Oct. 31, including factors used to calculate September 2023 Dairy Margin Coverage (DMC) margins and indemnity payments.

Here is a brief look at the news affecting dairy producers as October 2023 comes to a close.

Without a 2023 Farm Bill or temporary extension of the 2018 Farm Bill, the Dairy Margin Coverage (DMC) program expires at the end of the calendar year.

USDA organic dairy programs, production data collection and risk management support would increase under a bill introduced in the Senate.

Without approval in the 2023 Farm Bill, the Dairy Margin Coverage program expires at the end of the year.