Benchmark milk prices drop $1.65 from January

The February Federal order Class III benchmark milk price was announced by the USDA at $17.78 per hundredweight, down $1.65 from January, $3.13 below February 2022, and the lowest it has been since September 2021. Friday’s Class III futures settlements had the March price at $17.75; April, $17.53; May, $17.83; and June at $18.33, with…