169 



— 4 — 



November, 1993. For 1992, the M-W averaged $11.89 per cwt., at 3.5 percent, 84 

 cents above the 1991 average of $11.06 per cwt. During 1993, the M-W could 

 average $11.40 per cwt., at 3.5 percent, down about 50 cents from 1992. 



All-milk price : The average price received by farmers in the U.S. for all milk sold to 

 plants (the "all-milk" price), figured at the U.S. annual average test of 3.67 percent 

 milkfat, should bottom out at about $11.70 per cwt. during April, 1993, and begin 

 increasing thereafter. The all-milk price could peak well above $13.00 per cwt. during 

 November or December, 1993. For 1992, the all-milk price averaged $13.11 per cwt., 

 at 3.67 percent milkfat, 87 cents above the 1991 average of $12.24 per cwt. During 

 1993, the all-milk price could average $12.60 per cwt., at 3.67 percent, down about 50 

 cents from the 1992 average all-milk price. 



