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(The highest MILC payments will be received )Tj
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(when the Boston Class I milk price is the lowest. One )Tj
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(way to predict the largest difference with the Boston )Tj
0 -14 TD
(Class I milk price for the fiscal year is to look at the )Tj
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(Class III or Class IV futures market. Take $16.94 \320 )Tj
T*
($3.25 \(Boston Class I Differential\) = $13.69 and then )Tj
T*
(subtract the Federal Order Class I mover \(higher of )Tj
T*
(Class III or Class IV futures values\). The payment )Tj
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(rate is 45 percent of the difference between $13.69 )Tj
T*
(and the Class I mover.)Tj
20 -23 Td
(For example, a dairy chooses as starting month )Tj
-20 -14 Td
(December, 2004, for fiscal year 2005. On July 30th, )Tj
T*
(2004, the Class III and Class IV future values for )Tj
T*
(December, 2004, were $12.62 and $12.50, )Tj
T*
(respectively. The Class I mover for December 2004 is )Tj
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(0.45 x \($13.69 \320 $12.62\) = $0.482 per eligible cwt. )Tj
0 -13 TD
(No payments will be made when the announced )Tj
0 -14 TD
(Boston Class I milk price for a month i s higher than )Tj
T*
($16.94. The milk produced in that month is not )Tj
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(counted toward the 24,000 cwt eligibility cap.)Tj
20 -24 Td
(An Excel spreadsheet, )Tj
-20 -14 Td
(FLORIDA_MILC_PAYMENTS.xls, is available on )Tj
0 -13 TD
(the UF/IFAS dairy extension website at )Tj
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(http://dairy.ifas.ufl.edu/spreadsheets.html, which )Tj
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(allows users to enter the expected monthly herd size, )Tj
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(milk production per cow, and the Class III and IV )Tj
T*
(future values \(available daily at )Tj
T*
(http://www.dairy.nu/ddh.htm\). Users can select )Tj
T*
(different starting months and see which starting )Tj
T*
(month results in the highest expected total MILC )Tj
0 -13 TD
(payments.)Tj
20 -24 Td
(An important consideration \(not included in the )Tj
-20 -14 Td
(spreadsheet\) is that any MILC payments received )Tj
0 -14 TD
(will be added into the dairy's farm income for )Tj
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(calculating taxes due. So MILC payments received in )Tj
T*
(2004 will be added to farm income for 2004 and )Tj
0 -13 TD
(payments received in 2005 will be added to farm )Tj
0 -14 TD
(income for 2005. Another consideration is that money )Tj
T*
(received earlier is more valuable than money )Tj
T*
(received later, because you can invest that money and )Tj
T*
(earn interest on it \(or pay bills\).)Tj
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