Farm milk prices less than half of a year ago

Just one more example of just how far things have fallen for dairy producers. The Class III futures contract for June 2009 went off the Chicago Merchantile Exchange on Wednesday at $9.92 per hundredweight. One year ago, the June 2008 contract closed out at $20.29. In fact, the June 2009 contract a year ago was at $19.81. USDA will announce the base milk price for June on Thursday.