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Learn about rising interest rates and dairy

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RISING INTEREST RATES: Interest rates are going up, and there will be effects on farmers. Learn about the effect higher interest rates have on dairy during a special April 27 webinar.
Northeast Notebook: A special webinar will be led by Sam Miller of BMO Harris Bank.

The Center for Dairy Excellence is putting on a special edition of its monthly “Protecting Your Profits” webinar from noon to 1 p.m. April 27.

Sam Miller, managing director of ag banking at BMO Harris Bank, will discuss rising interest rates, inflation, and how these could affect dairy farmers and the industry.

Led by Zach Myers, risk education manager at the center, people can join the discussion via conference call, webinar or podcast format.

Miller is the managing director of agriculture banking at BMO Harris Bank, where he manages and leads production agriculture and agribusiness-related banking activities. He has more than 38 years of agricultural banking experience, the past 34 at BMO Harris Bank.

He also writes the monthly Agrivision column for Wisconsin Agriculturist magazine, speaks at many agricultural conferences, and has been quoted by the Wall Street Journal — as well as other news outlets — about ag industry updates. 

Myers will briefly highlight Class III and IV futures forecasts, as well as Dairy Margin Coverage margins, before Miller begins his presentation on interest rates. Myers will give an overview of these numbers:

  • Class III and IV milk futures continued their steady increase through March and the first part of April. Class III milk prices as of April 8 were up and now average 89-cents-per-cwt higher from one month ago to $23.60 for the next 12 months. Class IV milk price continues to trade higher than Class III with the 12-month average equaling $24.40 per cwt, 45 cents cwt more than this time last month.
  • The February DMC margin was announced as $10.98. For the third month in a row, the DMC margin does not trigger an indemnity at any margin coverage.
  • Dairy Revenue Policies for the third quarter of 2022 through the third quarter of 2023 will be available through June 15. Although premiums remain high, DRP remains worth considering. Net milk price floors set by DRP continue to rank in the 100th percentile in four out of the five quarters for Class III, and all five Class IV quarters compared to their respective five-year quarterly averages.

Visit centerfordairyexcellence.org/AprilPYP at noon April 27 to launch the webinar. You can also search “Center for Dairy Excellence” on YouTube and Facebook to watch a live stream of the webinar that day.

Individuals who would prefer to connect via conference call can dial 1-646-558-8656.

The meeting ID is 848 3416 1708. The passcode is 474057.

Visit centerfordairyexcellence.org to listen to the “Protecting Your Profits” podcast and subscribe to get notified when the audio recording is released. Episodes are expected to be published after the live webinar and conference call are concluded each month.

Learn about farm preservation tools

Agriculture has historically been, and remains, an integral part of Pennsylvania’s landscape, economy and culture.

Farmland preservation is a topic of interest across the commonwealth. An upcoming webinar, “Farmland Preservation Programs and Techniques in Pennsylvania,” will detail what is available to landowners and elected officials to aid in the preservation of farmland.

Issues such as utility-scale solar development, shifting migration patterns and localized growth in housing in some communities all present challenges and opportunities for communities to consider various farmland preservation strategies.

Attendees will learn about demographic, industry and land-use trends; the status of current ag preservation and protection programs; community and land-use planning and regulatory tools; and issues faced when conducting a farmland preservation program.

The webinar will be from noon to 1:30 p.m. April 28 and can be accessed at the Penn State Extension website.

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