Redtail Ridge Dairy, LLC Joe & Diane Thome Malone, Wisconsin, USA
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1 Redtail Ridge Dairy, LLC Joe & Diane Thome Malone, Wisconsin, USA
2 1963 Mother & Father bought the farm 1 ½ years old 2 nd oldest of 9 kids 26 cows 98 acres (40 hectares)
3 1982 Joe & Diane married Purchased 40 cows from father Began management of the farm 1985 Purchased remaining personal property (machinery & tools)
4 1998 Purchased remainder farm/land from father 98 acres (40 hectares) Herd had increased to 70 cows
5 2002 Expanded dairy from cows Purchased heifers as grew & raise on original farm site New barns/parlor Double-8 parlor 2 freestall barns Calf Barn 280 acres operating (113 hectares) Provided feed for heifers Purchased feed for cows (total mixed ration) Hired Joe s brother, John & a family friend to help with construction & management; Hired additional non-family help (first time) 2003 Built first part of current heifer barn
6 mil gal manure pit (required permit) Added 120 cows total of 520 cows no longer purchasing heifers to grow 2006 Increased parlor to double-12 Added dry cow barn Added on to heifer barn 2010 Added 10 mil gal manure pit Increased parlor to double-16 Added onto 3 dairy barns and heifer barn
7 Total growth picture (2002-present) milking cows heifers acres ( hectares) 1600 owned (647 hectares) 400 rented (162 hectares) 3 26 employees (non-family)
8
9
10 US marketing options for milk Government options: LGM (Livestock Gross Margin) MPP (Margin Protection Program) Private options: Milk Coops Private Brokers
11 Milk Margin Protection Program Vs. Livestock Gross Margin-Dairy Milk Value Feed Costs = Margin MPP - Developed by National Milk Producers Federation. Included in 2014 Farm Bill - Became available in September Purchase through Farm Service Agency - Replaced the MILC program LGM-Dairy - FCIC Insurance product - Became available in Purchased through insurance agents - Overseen by the Risk Management Agency (RMA). *Information on this slide from Investors Insurance LLC
12 MPP & LGM-Dairy Price Movements $$$ No claim $$$ No claim Price Price $ $ Milk Feed $$$ Claim Milk Feed Price $ *Information on this slide from Investors Insurance LLC Milk Feed
13 MPP Milk Margin Protection Program Vs. Livestock Gross Margin-Dairy LGM-Dairy Sign up Coverage Period Premium Due Annual sign up July 1 st -September 30 th Calendar Year Pay full premium at sign up or Pay 25% February 1 st & remaining 75% June 1 st Monthly sign up Last business Friday of every month Fully Customizable 12 months after purchase Ex.- Purchase policy Jan 2016, premium due Jan 2017 Prices Used Milk= Feed= All U.S. Milk Price All U.S. Corn Price All U.S. Alfalfa Price AMS Soybean Meal Price Milk= Feed= CME Class III Futures CBOT Corn Futures CBOT Soybean Meal Futures Max Coverage Up to 90% of average annual production 24 million lb. cap per year Premium Rates & Guarantees locked for life of the farm bill. *Information on this slide from Investors Insurance LLC Premiums & Guarantees adjust with futures markets
14 1998 Redtail Ridge Dairy: Beginning of Risk Management Learned about marketing opportunity from our milk coop, DFA (Dairy Farmer s of America) 2002 Coop would sell 200,000 lb (88,028 liters) contracts on the Chicago Mercantile Exchange Joined FC Stone Break down into 10,000-20,000 lb (4,401-8,803 liter) contracts for member producers Guarantee price for the amount of pounds contracted Fee for each contract Big learning curve Monthly production: 162,000 lbs. (71,280 liters) A lot of reading Daily calls with broker (+/- 10 minutes) 2000 Switched to privately owned milk plant, Cedar Valley Cheese Option to contract with Cedar Valley was available Also contracted small amounts of feed with individual feed companies Manage income and expenses, about the margin Decided to retain brokerage firm Futures/Options market
15 Redtail Ridge Dairy: Current Risk Management Futures Options % of milk sold can vary from 10-90% Will exit certain positions if market price direction changes Can be stressful Margin calls Read daily news letters from broker Subscription to other brokerage daily news letters Good relationship & support of bank Line of credit solely for marketing World Market Other Costs Interest Broker Fees
16 $25 Redtail Ridge Dairy compared to Class III Annual Average Settlement Price (US $/ctw) $22.34 (-$1.25) $20 $18.04 (+$0.15) $17.44 (-$1.43) $18.37 (-$0.43) $17.99 (+$0.22) $17.44 (-$0.12) $15.80 (+$0.65) $15 $14.20 (-$0.02) $12.43 (+$0.04) $9.74 (+$0.96) $13.10 (+$0.16) $10.42 (+$0.96) $11.42 (+$0.76) $15.39 (-$0.32) $14.05 $11.89 (-$0.46) (+$0.47) $14.41 (+$0.05) $11.36 (+$3.80) $10 $5 $ Class III Annual Average Settlement Price Redtail's Price
17 $0.60 $0.50 $0.40 $0.30 $ (-$0.0005) $ (+$0.0009) $ (+$0.0218) Redtail Ridge Dairy compared to Class III Annual Average Settlement Price (US $/liter) $ $ (+$0.0034) $ (-$0.0098) (-$0.0325) $ $ $ (-$0.0073) $ (+$0.0011) $ $ (-$0.0105) (+$0.0107) (+$0.0036) $ (+$0.0173) $ (+$0.0214) (+$0.0864) $ (-$0.0284) $ $ $ (+$0.0050) (+$0.0148) (-$0.0027) $0.20 $0.10 $ Class III Annual Average Settlement Price Redtail's Price
18 Redtail Ridge Dairy: Risk Management in?
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