Ag Chat with Bob Bosold- December 6
The November Class 3 milk price brought a smile to dairy farmers’ faces. That price is $20.45 a hundred--$1.73 more than October and $6.01 better than last November’s price. It’s also the first time the Class 3 has been over $20 in the past 5 years. For the first 11 months of this year the Class 3 price is averaging $16.74. About 90% of Wisconsin’s milk goes to Class 3 usage which is mainly hard products like cheese.
Wisconsin continues to lead the nation in cheese production but cheese output in October was lower than it was a year ago. Total production for the month was just over 285 million pounds—7 and a half percent lower than a year ago. Production of the major varieties in the state—Cheddar, Italian, Mozzarella and American were all down in October. Nationally cheese production was also down—to just over 1.1 billion pounds—almost 7 and a half percent less than last October. California ranks second in cheese production—producing about 70 million pounds a month less than Wisconsin. Idaho now ranks third with New Mexico fourth.
The hemp industry should find it easier to get financing in the future. That’s because federal regulators have told banks it’s ok to loan the industry money without any enhanced anti-money laundering reporting requirements. That means banks will no longer have to file suspicious activity reports just because they are doing business with those in the hemp industry. The decision makes it clear that regulators consider the hemp industry completely separate from marijuana.
Today is day 1 of the Wisconsin Farm Bureau Federation’s 100th annual Convention. The meeting will be held at the Kalahari resort in Wisconsin Dells with registration starting about 3 this afternoon. Young farmer activities will kick off the convention, including naming the outstanding young farmer members and the discussion meet winners. Those winners will receive an all expenses paid trip to the American farm Bureau Federation Convention next month in Austin, Texas. On Monday delegates will vote on their policy for the next year and the re-organized board will also select a new state Farm, Bureau President since Jim Holte of Elk Mound recently announced he will retire from that position.