Andie Majewski, Graduate Research Associate, Department of Animal Sciences, The Ohio State University
Since the last issue of Dairy Dollars, most of the feed prices reported in the column have increased. The price of corn silage, blood meal, and dried distillers grains remain unchanged, while the price of all soy products reported in this issue experienced a cost increase in March. Figure 1 shows the change in the cost of feedstuffs from January to March.
Figure 1. Percent change of the actual cost of 21 feedstuffs fed on Ohio dairy farms from January 25, 2026, to March 25, 2026. Feedstuffs that decreased in price since the previous issue are shown in green, while those that increased in price are colored red. The cost of corn silage has not changed since September, as it is priced on a biannual basis.
Figure 2. Actual and predicted cost of 21 feed commodities fed on Ohio dairy farms; March 25, 2026. Feedstuffs that are priced above the upper prediction price limit are overpriced (red bars). Feedstuffs that fall within the upper and lower limits of the predicted prices are breakeven feeds (grey bars). Feedstuffs that are priced below the lower prediction price limit are considered a bargain (green bars).
Economic Value of Feeds
Figure 2 displays the costs for the 21 reported commodities in Ohio. These results were produced by SESAME™ for the central Ohio region on March 25, 2026. The prices and estimates displayed in Figure 2 are from a single point in time; therefore, their economic classification may differ from what is reported in future issues. Nevertheless, they remain a useful tool to predict the cost of a ration based on the incorporated feedstuffs. Soy products provide protein in dairy cattle rations, for this month, these protein sources are generally overpriced or are priced at a break-even value.
The appraisal set, shown in Table 1, predicts the prices for commodities that did not have a current local price. These commodity prices were predicted by SESAME™ and represent the estimated value at one specific point in time and are therefore subject to change. These values may be used as a benchmark when considering the purchase of these ingredients.
Table 1. Estimated feedstuffs prices not reported for Ohio, March 25, 2026.
Feed Nutrient Prices
The calculated cost of metabolizable protein (MP) and physically effective fiber (e-NDF) increased by approximately $0.07/lb and $0.02/lb, respectively. The cost of net energy of lactation (NEL) increased since the previous issue, though this increase is rather insignificant at less than $0.01/lb. The economic values of nutrients are shown in Table 2.
Table 2. Prices of nutrients for Ohio dairy farms, March 25, 2026, compared to January 25, 2026.
Milk and Milk Component Prices
In the last issue, the Class I milk price decreased by $2.91/cwt of milk, while the price of milk protein decreased by $0.52/lb. The price of butterfat increased by $0.20/lb. The Cow-Jones Index estimates the profitability of milk production, considering factors including the nutrient input costs displayed in Table 2, cow production metrics, and the current milk and component prices shown in Table 3. The prediction formula uses a 1,500-lb cow producing milk with 4.09% fat and 3.22% protein. The formula does not include factors that may affect profitability, such as the cost of replacement and cull cows in the herd. This month, the income over nutrient cost (IONC) for cows milking 85 lb/day and 70 lb/day is about $8.76/cwt and $8.26 /cwt, respectively. Profit margins at both production levels have significantly decreased since the January issue. They are still considered to be profitable, but only marginally so.
Table 3. Prices of milk and milk components, sourced from the Federal Marketing Order 33, for Ohio dairy farms, March 25, 2026, compared to January 25, 2026.
In the month of March, most soy-based feed products have increased in cost while the price of milk and milk protein have decreased. Combined, these factors have the potential to limit the profitability of dairy farms across the state.