March 5, 1998

Basic Formula Price, 1995-99

Month         1995    1996    1997    1998      1999
------------------------------------------------------
Jan           11.35   12.73   11.94   13.25
Jan           11.35   12.73   11.94   13.25     16.27
Feb           11.79   12.59   12.46   13.32     10.27
Mar           11.89   12.70   12.49   12.81     
Apr           11.16   13.09   11.44   12.01     
May           11.12   13.77   10.70   10.88     
June          11.42   13.92   10.74   13.10     
July          11.23   14.49   10.86   14.77     
Aug           11.55   14.94   12.07   14.99     
Sept          12.08   15.37   12.79   15.10     
Oct           12.61   14.13   12.83   16.04     
Nov           12.87   11.61   12.96   16.84     
Dec           12.91   11.34   13.29   17.34     
Yearly Avg.   11.83   13.39   12.05   14.20

Information provided by:
Dr. Ken Bailey
Commercial Agriculture Dairy Economist
University of Missouri Extension