m arketing and p olicy b riefing aper department of agricultural applied economics college & life sciences university wisconsin madison cooperative extension pape r no 61 march 1998 dairy situation outlook by bob cropp william dobson 1 recap 1997 farm level milk prices were much higher than what had been forecasted for the basic formula price bfp averaged 12 05 per hundredweight down 34 from record 13 39 set in 1996 but well above 11 83 two years ago all 38 33 14 71 average again 87 le vel started year below levels table reached low may at 10 70 3 18 lower burdensome cheese stocks a carry over before sluggish commercial sales reduced 40 pound cheddar blocks on chicago mercantile exchange to 1588 0 3337
