The fourth and final progress report of the Dairy Farm Business Summary has been released for 2019. As dairy businesses across the state continue to analyze their financial and business performance utilizing the Dairy Farm Business Summary and Analysis Program, updated progress of the farm reports are provided to review the changes that have occurred from 2018 to 2019. As more data has been collected, the progress reports are provided for the average of all farms and five different herd size categories. For each of these herd size groups, key information is summarized to use for comparison with farms: Progress of the Farm, Per Cow & Per Cwt and Business Chart.
With 147 farms participating in the DFBS for two years, from 2018 to 2019 the average farm herd size increased 6 percent and milk sold increased 7 percent. Worker equivalents also increased 2 percent leading to an increase of milk sold per worker of 5 percent from 2018 to 2019. Hired labor costs per worker equivalent increased 5 percent, but hired labor costs per cwt remained unchanged as milk sold per worker increased. Net milk price increased 14 percent leading to a net milk income over purchased grain and concentrate per cow increase of 24 percent. Debt coverage ratio increased 86 percent leading to a decrease in farm debt per cow of 5 percent.
Highlighted factors associated with the five herd size ranges: