FO 5 Component Pricing Impact Estimate

Estimated Component Levels in Producer Milk Based on Producer Payroll and Weights Data

Butterfat Protein Other Solids SCC Difference per cwt Value per cwt

Jan‐08 3.7851 3.1053 5.7291 288 $513,482.53 $0.10 $14,192,293.65 $2.77

Feb‐08 3.7663 3.0790 5.7047 297 $308,307.27 $0.07 $18,064,659.86 $3.92

Mar‐08 3.7446 3.0513 5.6857 295 $265,710.75 $0.05 $1,666,826.17 $0.33

Apr‐08 3.6616 3.0168 5.6991 289 $161,183.63 $0.03 $16,130,065.82 $3.30

May‐08 3.6026 3.0015 5.7072 284 $150,677.02 $0.03 $4,127,204.25 $0.84

Jun‐08 3.5596 2.9416 5.7026 305 ‐$24,135.71 ‐$0.01 $691,829.20 $0.15

Jul‐08 3.5479 2.9567 5.6653 326 ‐$79,025.85 ‐$0.02 $19,779,725.54 $4.15

Aug‐08 3.5806 2.9933 5.6984 348 $27,006.92 $0.01 $16,582,832.27 $3.39

Sep‐08 3.6511 3.0335 5.7014 336 $133,331.86 $0.03 $18,266,737.82 $3.81

Oct‐08 3.7550 3.1121 5.7176 308 $325,410.39 $0.07 $4,902,708.13 $0.99

Nov‐08 3.8309 3.1575 5.7405 278 $495,362.97 $0.10 $13,296,060.90 $2.73

Dec‐08 3.8273 3.1487 5.7669 279 $475,823.05 $0.09 $2,252,268.65 $0.43

Jan‐09 3.7910 3.1072 5.7380 291 $303,298.88 $0.06 $27,941,791.51 $5.38

Feb‐09 3.7538 3.0848 5.6916 293 $209,730.93 $0.04 $16,490,111.94 $3.49

Mar‐09 3.7311 3.0483 5.6528 280 $142,781.30 $0.03 $8,721,964.99 $1.68

Apr‐09 3.6742 3.0297 5.6839 280 $135,263.48 $0.03 $10,436,604.12 $2.08

May‐09 3.6174 2.9903 5.6760 288 $56,703.64 $0.01 $17,337,508.99 $3.41

Jun‐09 3.5653 2.9340 5.6717 309 ‐$59,768.86 ‐$0.01 $13,869,486.99 $2.75

Jul‐09 3.5383 2.9468 5.6834 325 ‐$43,245.99 ‐$0.01 $14,633,372.75 $3.00

Aug‐09 3.5732 2.9648 5.6771 330 ‐$24,662.62 ‐$0.01 $8,174,006.35 $1.68

Sep‐09 3.6272 3.0499 5.6834 306 $117,467.37 $0.03 $6,492,024.26 $1.38

Oct‐09 3.7244 3.1170 5.7057 285 $274,249.24 $0.06 $9,306,378.71 $1.89

Nov‐09 3.7432 3.1252 5.7224 275 $366,432.47 $0.08 $6,972,347.80 $1.44

Dec‐09 3.7660 3.1333 5.7130 270 $424,148.25 $0.08 $7,933,379.37 $1.57

Jan‐10 3.7908 3.1030 5.6809 285 $330,772.06 $0.06 $12,792,484.50 $2.50

Feb‐10 3.7413 3.1008 5.6969 283 $314,131.50 $0.07 $13,047,796.77 $2.76

Mar‐10 3.6372 3.0411 5.7034 282 $213,589.10 $0.04 $20,473,914.34 $3.84

Apr‐10 3.5535 3.0080 5.7142 273 $173,895.18 $0.03 $15,223,434.34 $2.88

May‐10 3.5231 2.9792 5.7127 273 $98,977.97 $0.02 $16,595,531.64 $3.25

Jun‐10 3.5022 2.9271 5.7092 296 ‐$61,705.89 ‐$0.01 $20,907,541.57 $4.15

Jul‐10 3.4834 2.9182 5.6952 320 ‐$112,336.79 ‐$0.02 $23,762,871.85 $4.91

Aug‐10 3.5068 2.9466 5.6771 337 ‐$94,119.90 ‐$0.02 $17,935,240.60 $3.58

Sep‐10 3.5929 3.0470 5.6905 306 $150,728.65 $0.03 $13,115,420.41 $2.74

Oct‐10 3.7369 3.1393 5.6934 273 $439,095.81 $0.09 $10,867,827.39 $2.18

Nov‐10 3.8267 3.1775 5.7127 252 $515,026.41 $0.10 $17,759,807.21 $3.61

Dec‐10 3.8932 3.1796 5.7304 249 $626,776.67 $0.12 $21,830,316.41 $4.15

Jan‐11 3.8819 3.1264 5.7284 267 $433,351.76 $0.09 $22,907,982.17 $4.53

Feb‐11 3.8142 3.0831 5.7124 258 $372,176.73 $0.08 $10,247,579.41 $2.26

Mar‐11 3.7384 3.0550 5.7312 253 $418,710.30 $0.08 $7,126,555.31 $1.40

Apr‐11 3.6770 3.0408 5.7411 243 $368,089.16 $0.08 $22,649,941.22 $4.71

May‐11 3.5907 3.0046 5.7369 256 $291,554.96 $0.05 $30,150,188.34 $5.50

Jun‐11 3.5634 2.9620 5.7444 286 $134,349.43 $0.03 $20,071,819.83 $3.81

Jul‐11 3.5620 2.9374 5.7285 308 ‐$23,745.95 $0.00 $10,510,310.96 $2.10

Aug‐11 3.5426 2.9714 5.6992 320 $6,063.99 $0.00 $12,790,567.33 $2.40

Sep‐11 3.6322 3.0491 5.7060 296 $248,907.94 $0.05 $22,831,760.70 $4.56

Oct‐11 3.7320 3.1348 5.7126 272 $610,492.77 $0.12 $16,417,693.60 $3.14

Nov‐11 3.7978 3.1679 5.7154 251 $658,036.33 $0.13 $8,182,239.89 $1.60

Dec‐11 3.7929 3.1395 5.7270 249 $727,280.91 $0.14 $6,402,293.76 $1.19

Jan‐12 3.7827 3.1136 5.7433 261 $579,006.35 $0.11 $18,263,068.10 $3.37

Feb‐12 3.7452 3.0875 5.7473 255 $473,116.57 $0.09 $14,467,321.49 $2.88

Mar‐12 3.6868 3.0433 5.7321 247 $397,254.41 $0.08 $13,361,620.06 $2.59

Apr‐12 3.6296 3.0322 5.7349 242 $369,229.27 $0.07 $11,127,738.52 $2.22

Impact Producer Price Differential
FO 5 Component Pricing Impact Estimate

Estimated Component Levels in Producer Milk Based on Producer Payroll and Weights Data

Butterfat Protein Other Solids SCC Difference per cwt Value per cwt

Impact Producer Price Differential

May‐12 3.5903 2.9955 5.7359 248 $239,271.26 $0.05 $12,191,779.78 $2.40

Jun‐12 3.5535 2.9777 5.7220 261 $127,799.69 $0.03 $8,490,793.50 $1.79

Jul‐12 3.5510 2.9277 5.6989 306 ‐$52,443.92 ‐$0.01 $6,968,857.89 $1.50

Aug‐12 3.5741 2.9824 5.6934 302 $47,527.02 $0.01 $7,534,055.68 $1.57

Sep‐12 3.6668 3.0461 5.7011 283 $239,128.14 $0.05 $4,908,745.77 $1.09

Oct‐12 3.7806 3.1270 5.7303 249 $429,938.25 $0.09 $1,118,698.06 $0.24

Nov‐12 3.8515 3.1630 5.7282 235 $645,385.63 $0.14 $6,462,621.35 $1.37

Dec‐12 3.8086 3.1132 5.7556 238 $729,465.34 $0.15 $16,071,762.55 $3.22

Jan‐13 3.8166 3.1011 5.7511 250 $587,162.33 $0.11 $13,195,749.06 $2.58

Feb‐13 3.8008 3.0754 5.7493 247 $486,427.38 $0.11 $14,315,580.30 $3.11

Mar‐13 3.8107 3.0981 5.7398 265 $687,793.66 $0.13 $15,949,831.62 $3.05

Apr‐13 3.7290 3.0573 5.7655 241 $577,181.27 $0.11 $13,069,923.86 $2.58

May‐13 3.6586 3.0191 5.7728 243 $475,728.91 $0.09 $9,011,355.71 $1.79

Jun‐13 3.5962 2.9662 5.7462 264 $215,671.10 $0.05 $14,389,320.60 $3.01

Jul‐13 3.5860 2.9492 5.7266 300 $20,903.44 $0.00 $17,878,863.16 $3.95

Aug‐13 3.6002 2.9955 5.7157 307 $120,105.64 $0.03 $15,857,811.18 $3.39

Sep‐13 3.6143 3.0485 5.6820 293 $229,619.16 $0.05 $14,960,402.00 $3.36

Oct‐13 3.6856 3.1183 5.6732 267 $419,292.90 $0.09 $16,482,573.56 $3.58

Nov‐13 3.7793 3.1636 5.7015 234 $703,087.81 $0.16 $14,807,978.54 $3.27

Dec‐13 3.7860 3.1433 5.7059 228 $741,761.13 $0.16 $17,596,717.56 $3.75

Jan‐14 3.7715 3.1229 5.7175 246 $629,013.53 $0.13 $12,126,671.96 $2.55

Feb‐14 3.7422 3.1015 5.7224 254 $613,301.01 $0.14 $6,375,315.16 $1.48

Mar‐14 3.6967 3.0680 5.7091 237 $740,396.38 $0.14 $11,896,750.07 $2.32

Apr‐14 3.6036 3.0221 5.7086 230 $475,813.54 $0.10 $8,748,352.75 $1.77

May‐14 3.5462 2.9970 5.7040 233 $306,375.15 $0.06 $18,686,287.96 $3.78

Jun‐14 3.5057 2.9547 5.6852 254 $19,264.02 $0.00 $18,922,119.69 $4.15

Jul‐14 3.5181 2.9649 5.6687 267 $2,177.95 $0.00 $18,443,051.83 $4.35

Aug‐14 3.5661 2.9954 5.6652 268 $92,207.67 $0.02 $20,270,488.93 $4.40

Sep‐14 3.6026 3.0331 5.6719 268 $190,573.38 $0.04 $10,731,383.81 $2.40

Oct‐14 3.6874 3.1036 5.7100 241 $430,941.56 $0.09 $7,803,296.57 $1.70

Nov‐14 3.7893 3.1579 5.7206 221 $639,693.10 $0.14 $7,387,087.66 $1.63

Dec‐14 3.7853 3.1165 5.7409 229 $547,968.53 $0.11 $25,766,015.57 $5.32

Jan‐15 3.7948 3.1024 5.7432 231 $405,931.57 $0.08 $15,090,357.33 $3.11

Feb‐15 3.7900 3.0932 5.7732 232 $353,758.18 $0.08 $12,134,597.63 $2.76

Mar‐15 3.7161 3.0459 5.7569 238 $362,994.08 $0.07 $9,291,767.28 $1.88

Apr‐15 3.6203 3.0132 5.7420 223 $296,310.87 $0.06 $8,326,032.34 $1.71

May‐15 3.5499 2.9888 5.7468 226 $276,038.19 $0.06 $7,879,759.17 $1.58

Jun‐15 3.5277 2.9476 5.7362 243 $116,570.60 $0.03 $7,096,381.91 $1.56

Jul‐15 3.5250 2.9480 5.7496 266 $90,160.03 $0.02 $9,962,580.96 $2.22

Aug‐15 3.5387 2.9815 5.7672 271 $146,916.02 $0.03 $9,477,054.51 $2.07

Sep‐15 3.6195 3.0331 5.7282 257 $174,085.15 $0.04 $15,522,957.22 $3.46

Oct‐15 3.7493 3.1036 5.7264 237 $278,926.94 $0.06 $14,364,388.00 $3.10

Nov‐15 3.7846 3.1168 5.7326 225 $328,898.81 $0.07 $18,803,104.16 $4.10

Dec‐15 3.7716 3.0938 5.7409 218 $367,370.05 $0.07 $20,460,337.79 $4.07

Jan‐16 3.8076 3.1114 5.7326 226 $331,353.48 $0.07 $15,361,101.89 $3.12

Feb‐16 3.8158 3.0904 5.7476 228 $295,506.71 $0.07 $10,759,147.81 $2.37

Mar‐16 3.7131 3.0216 5.7557 218 $271,630.42 $0.05 $10,017,995.73 $2.02

Apr‐16 3.6710 3.0140 5.7592 210 $267,919.53 $0.06 $11,074,432.66 $2.28

May‐16 3.6388 2.9937 5.7587 217 $243,718.94 $0.05 $15,475,251.11 $3.16

Jun‐16 3.5833 2.9500 5.7387 234 $133,598.52 $0.03 $12,431,135.58 $2.70

Jul‐16 3.5652 2.9324 5.7293 258 $74,302.52 $0.02 $6,949,451.52 $1.59

Aug‐16 3.5648 2.9582 5.7166 273 $72,088.84 $0.02 $3,468,029.68 $0.74
FO 5 Component Pricing Impact Estimate

Estimated Component Levels in Producer Milk Based on Producer Payroll and Weights Data

Butterfat Protein Other Solids SCC Difference per cwt Value per cwt

Impact Producer Price Differential

Sep‐16 3.6273 3.0150 5.7115 260 $135,315.59 $0.03 $8,962,583.21 $2.06

Oct‐16 3.7373 3.0984 5.7401 231 $324,211.44 $0.07 $13,680,771.70 $3.01

Nov‐16 3.8236 3.1529 5.7451 210 $372,894.78 $0.09 $787,231.18 $0.18

Dec‐16 3.9134 3.1774 5.7608 205 $534,255.86 $0.11 $6,414,799.93 $1.32