Benchmark milk price drops 21 cents

By Lee Mielke The September Federal Order Class III benchmark milk price is $16.36 per hundredweight (cwt.), down 21 cents from August and 3 cents below September 2016, but $1.48 above California’s comparable 4b cheese milk price. The Class III price is equivalent to $1.41 per gallon, down a penny from August. Class III futures…