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            "text": "Market Administration & Industry Report",
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            "text": "Fiscal Year 2025",
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                    "text": "Montana Class II Price Computations per ARM 32.24.480(3) for June 2025",
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                    "text": "Advanced Butterfat Pricing Factor ($/lb.)\nPlus: $0.007/lb. ($/lb.)\nMontana Class II Butterfat Price ($/lb.)",
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                    "text": "$2.5730\n$0.0070\n$2.5800",
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                    "text": "Montana Class II Skim Milk Price ($/lb.): federal Class II Skim Milk Price converted to units of dollars per pound of skim milk",
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                    "text": "$0.0914",
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                    "text": "Value of Montana Class II Butterfat at 3.5 lbs.\nValue of Montana Class II Skim Milk at 96.5 lbs.\nMontana Class II Milk Price for Milk Testing 3.5% Butterfat ($/cwt)",
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                    "text": "$9.03000\n$8.82010\n$17.85010",
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                    "text": "Montana Class III Price Computations per ARM 32.24.480(4) for June 2025",
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                    "text": "Advanced Butterfat Pricing Factor ($/lb.)\nLess: Montana Class III Butterfat Price Differential ($/lb.)\nMontana Class III Butterfat Price ($/lb.)",
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                    "text": "$2.5730\n($0.1000)\n$2.4730",
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                    "text": "Federal Class III Skim Milk Pricing Factor ($/cwt)\nFederal Class IV Skim Milk Pricing Factor ($/cwt)",
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                    "text": "$8.55\n$8.44",
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                    "text": "Montana Class III Skim Milk Price ($/lb.): lower of Class III or Class IV Skim Milk Pricing Factor, converted to units of dollars per pound of skim milk",
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                    "text": "$0.0844",
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                    "order": 19,
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                    "text": "Value of Montana Class III Butterfat at 3.5 lbs.\nValue of Montana Class III Skim Milk at 96.5 lbs.\nMontana Class III Milk Price for Milk Testing 3.5% Butterfat ($/cwt)",
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                    "text": "$8.65550\n$8.14460\n$16.80010",
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            "text": "ANNOUNCED MINIMUM PRICES IN FISCAL YEAR 2025",
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            "text": "Cows generally produce milk that has 3.5% - 4% butterfat content. The dairy industry often uses a reference price for milk having 3.5% butterfat content. One hundred pounds of milk (a hundredweight, abbreviated \"cwt\") with 3.5% butterfat content consists of 3.5 pounds of butterfat and 96.5 pounds of skim milk. Skim milk consists of water (over 90% of skim milk weight) and solids that are not fats (lactose, protein, and minerals). In Montana, an individual producer is paid based on the actual butterfat and skim milk produced by the dairy's herd for each month of production."
        },
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            "order": 23,
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            "text": "The charts below show announced minimum prices for months in Fiscal Year 2025 (July 2024 – June 2025) along with the calculated quota price based on actual milk utilization."
        },
        {
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            "type": "footer",
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            "text": "14",
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