Benchmark milk price falls by $1.57/cwt.

The October Class III benchmark milk price was announced Friday by the USDA at $14.82 per hundredweight (cwt.). That’s down $1.57 from September and 64 cents below October 2015, but 39 cents above California’s comparable 4b cheese milk price. It equates to about $1.27 per gallon, down from $1.41 in September and $1.33 a year…