Component Values for Milk Used in Cheddar Cheese

Jay S. Coggins and Jerome W. Hammond

Review of Agricultural Economics, 1994, vol. 16, issue 2, 203-213

Abstract: Interest in valuing the solids components of milk has continued to rise in recent years. A component valuation scheme for milk is devised to be used in cheddar cheese manufacture. Using daily plant-level data, and employing a flexible functional form, a plant-specific cheese yield function is estimated. This yield relationship serves as the basis for a valuation scheme that divides the value of all end products among three solids components of milk. These values are compared to a pricing scheme that recently appeared in the Great Basin Federal Milk Order. The plan presented here places a higher value upon milk of high fat test than does the order plan.

Date: 1994
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