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The likelihood of negative producer price differentials (PPDs) is fading. Unfortunately, it’s because August’s Federal Milk Marketing Order (FMMO) Class III milk price fell sharply from July.

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Strategic questions on whether to invest or divest impacted standings in Rabobank’s annual listing of the “Global Dairy Top 20” companies, noted Mary Ledman, dairy global strategist. Rankings in the annual report, released in late August, were based on 2019 financial data and includes merger and acquisition transactions completed in the first half of 2020.

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Higher July U.S. average milk prices and slightly lower feed costs resulted in another large jump in the dairy income margin calculated under the Dairy Margin Coverage (DMC) program. As in June, however, negative producer price differentials (PPDs) under the Federal Milk Marketing Order (FMMO) system – not included in risk management program calculations – mean the announced prices or margins may not reflect what producers see at the farmgate.

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