AVERAGE PRICES RECEIVED BY IOWA FARMERS ALL MILK WHOLESALE - DOLLARS PER CWT. (MARKET YEAR IS JANUARY-DECEMBER) --------------------------------------------------------------------------- 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 --------------------------------------------------------------------------- JAN 4.65 4.00 3.75 4.00 4.55 4.15 3.80 3.55 3.50 3.55 FEB 4.60 3.85 3.65 4.05 4.50 4.00 3.65 3.50 3.45 3.50 MAR 4.40 3.65 3.55 4.05 4.40 3.80 3.60 3.40 3.35 3.45 APR 4.40 3.45 3.40 4.00 4.10 3.70 3.35 3.30 3.30 3.35 MAY 4.30 3.35 3.30 3.85 3.85 3.50 3.15 3.15 3.30 3.30 JUN 4.30 3.25 3.25 3.75 3.80 3.45 3.05 3.10 3.20 3.20 JUL 4.35 3.40 3.30 3.80 3.95 3.50 3.25 3.25 3.30 3.33 AUG 4.35 3.55 3.50 3.95 4.10 3.60 3.40 3.35 3.40 3.40 SEP 4.40 3.75 3.65 4.15 4.35 3.75 3.60 3.55 3.60 3.60 OCT 4.30 3.80 3.80 4.35 4.55 3.90 3.75 3.60 3.70 3.70 NOV 4.15 3.80 3.85 4.50 4.60 4.00 3.75 3.65 3.65 3.75 DEC 4.20 3.80 4.00 4.55 4.35 3.90 3.70 3.60 3.60 3.60 MARKET YR AVG 4.37 3.60 3.55 4.06 4.21 3.74 3.47 3.40 3.43 3.46 PRICE --------------------------------------------------------------------------- 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 --------------------------------------------------------------------------- JAN 3.55 3.50 3.50 3.65 3.70 3.55 3.55 3.60 3.80 4.43 FEB 3.50 3.45 3.45 3.55 3.65 3.50 3.45 3.55 3.85 4.34 MAR 3.40 3.35 3.40 3.50 3.55 3.40 3.45 3.50 3.85 4.25 APR 3.25 3.25 3.30 3.50 3.30 3.30 3.40 3.45 3.90 4.17 MAY 3.10 3.15 3.20 3.40 3.15 3.25 3.25 3.40 3.85 4.15 JUN 3.05 3.10 3.15 3.35 3.15 3.20 3.20 3.35 3.85 4.05 JUL 3.15 3.20 3.25 3.35 3.20 3.25 3.25 3.35 4.20 4.08 AUG 3.30 3.30 3.30 3.50 3.25 3.35 3.30 3.45 4.40 4.12 SEP 3.45 3.50 3.50 3.60 3.35 3.45 3.45 3.65 4.60 4.24 OCT 3.55 3.65 3.60 3.70 3.50 3.50 3.55 3.70 4.60 4.32 NOV 3.55 3.75 3.70 3.75 3.55 3.55 3.65 3.80 4.60 4.41 DEC 3.60 3.70 3.75 3.75 3.60 3.60 3.65 3.90 4.55 4.45 MARKET YR AVG 3.35 3.38 3.40 3.54 3.39 3.40 3.42 3.53 4.13 4.24 PRICE --------------------------------------------------------------------------- 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 --------------------------------------------------------------------------- JAN 4.42 4.84 5.16 5.34 5.46 5.94 8.60 7.55 9.60 8.95 FEB 4.37 4.73 5.08 5.25 5.44 5.94 8.60 7.55 9.10 8.85 MAR 4.30 4.72 4.99 5.18 5.43 5.94 8.65 7.50 9.15 8.80 APR 4.36 4.68 4.93 5.16 5.30 5.97 8.25 7.50 8.95 9.00 MAY 4.38 4.60 4.85 5.03 5.19 5.94 7.35 7.50 8.75 8.90 JUN 4.26 4.52 4.84 4.94 5.11 5.90 6.85 7.40 8.70 8.85 JUL 4.35 4.60 4.80 4.96 5.14 6.04 6.65 7.60 8.95 8.85 AUG 4.43 4.64 4.83 5.04 5.24 6.63 6.75 8.05 9.20 9.00 SEP 4.59 4.81 5.04 5.15 5.42 7.32 7.15 8.75 9.00 9.30 OCT 4.67 4.97 5.17 5.22 5.61 7.96 7.40 9.25 9.10 9.45 NOV 4.74 5.11 5.33 5.33 5.82 8.19 7.45 9.65 9.00 9.55 DEC 4.84 5.17 5.37 5.41 5.93 8.52 7.30 10.00 8.95 9.65 MARKET YR AVG 4.46 4.76 5.01 5.17 5.40 6.63 7.55 8.15 9.05 9.05 PRICE --------------------------------------------------------------------------- 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 --------------------------------------------------------------------------- JAN 9.60 11.60 12.30 13.70 13.60 13.50 13.20 13.50 12.00 12.70 FEB 9.70 11.50 12.30 13.50 13.30 13.40 12.90 13.20 11.80 12.30 MAR 9.70 11.40 12.30 13.40 13.30 13.30 12.90 12.90 11.80 12.00 APR 9.80 11.30 12.30 13.30 13.10 13.80 12.90 12.50 11.60 11.80 MAY 9.65 11.30 12.20 13.20 13.00 13.00 12.70 12.00 11.40 11.50 JUN 9.60 11.10 12.00 13.00 12.80 12.80 12.50 11.60 11.30 11.40 JUL 9.65 11.10 12.00 12.80 12.80 12.90 12.50 11.50 11.30 11.50 AUG 9.95 11.50 12.20 12.90 12.80 12.90 12.60 11.50 11.70 11.70 SEP 10.30 11.70 12.80 13.10 13.20 13.10 13.30 11.90 12.40 12.40 OCT 10.90 12.10 13.40 13.50 13.50 13.50 13.70 12.40 12.90 12.70 NOV 11.30 12.30 13.60 13.50 13.60 13.60 13.90 12.20 13.10 12.60 DEC 11.60 12.30 13.70 13.60 13.60 13.40 13.70 12.20 13.00 12.40 MARKET YR AVG 10.10 11.60 12.60 13.30 13.20 13.20 13.10 12.20 12.00 12.10 PRICE --------------------------------------------------------------------------- 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 --------------------------------------------------------------------------- JAN 12.10 13.00 15.30 11.70 13.10 12.10 13.80 12.40 13.90 13.50 FEB 11.80 12.60 14.00 11.00 12.60 11.90 13.70 12.50 13.70 13.50 MAR 11.50 12.30 13.40 10.90 12.20 12.00 13.70 12.50 13.60 13.60 APR 11.30 11.90 13.10 10.80 12.50 13.00 13.60 12.20 13.90 13.10 MAY 11.00 11.80 13.10 10.80 12.90 13.20 12.60 12.10 14.30 12.60 JUN 10.80 11.80 13.90 11.10 13.10 13.00 12.30 11.80 14.70 12.10 JUL 10.80 12.10 14.00 11.50 13.30 12.50 12.10 11.70 14.80 11.90 AUG 11.30 12.90 13.80 12.10 13.40 12.20 12.40 12.00 15.10 12.90 SEP 12.10 13.90 13.60 12.80 13.40 12.90 12.80 12.70 16.20 13.60 OCT 12.80 15.00 12.50 13.60 13.40 13.60 13.10 13.50 15.90 14.30 NOV 13.30 15.80 12.00 13.80 13.00 14.00 13.00 14.10 14.80 14.90 DEC 13.40 16.20 11.10 13.60 12.90 13.80 12.70 14.00 13.80 14.90 MARKET YR AVG 11.80 13.20 13.30 11.90 13.00 12.80 12.90 12.60 14.50 13.40 PRICE --------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 2004 2005* 2006 2007 --------------------------------------------------------------------------- JAN 15.60 17.30 11.10 12.60 13.80 12.10 13.40 16.70 FEB 14.70 13.70 10.90 12.60 13.30 12.10 13.70 16.50 MAR 14.50 13.70 11.00 13.60 12.70 11.30 15.70 15.80 APR 13.50 12.00 11.10 14.10 12.70 11.20 18.50 15.50 MAY 12.60 12.20 11.50 15.00 12.30 11.60 20.00 15.40 JUN 14.30 12.40 11.70 15.90 11.60 11.10 18.30 15.00 JUL 14.40 12.80 12.20 15.90 10.80 12.20 16.70 15.30 AUG 15.40 12.90 11.90 16.10 11.20 13.60 15.90 15.20 SEP 16.20 15.10 12.30 17.00 11.70 15.00 16.00 15.30 OCT 17.80 13.60 12.40 15.70 12.50 15.60 16.10 15.90 NOV 17.70 12.90 11.90 14.30 12.20 14.90 16.60 DEC 17.70 11.10 12.70 13.60 12.00 14.10 16.80 MARKET YR AVG 15.40 13.30 11.70 14.70 12.10 12.80 PRICE --------------------------------------------------------------------------- *Preliminary.