May will continue to have an upturn; component values are up, but PPD will drop a little. Fat was flat with protein increasing another $0.13/lb and other solids remained flat. For our example herd, component prices increased $0.38/cow/day. May PPD will likely decrease $0.17/cwt ($0.14/cow/day) resulting in a total change per cow of +0.24/day. Our 12-month rolling projection for all milk price is $18.77/cwt (Boston), up $0.26/cwt from last month.