Attached is the April 2017 milk production budgets for Iowa and Nebraska. The budgets deteriorated compared to March. Total gross income was down by just under $1 per cwt because of a drop in the PPD, butterfat price, protein price and quality premium. For the 20,000 pound milk budget, total feed costs were down slightly, 0.15 per cwt, because of the drop in hay prices for new crop alfalfa. Total returns to management were down $0.90 per cwt but still positive at $0.67 per cwt. for the 20,000 pound budget.
