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Since the 2018 farm bill, the price for Class I milk – milk used to produce beverage milk products – has been calculated using the simple average of advanced Class III – cheese – and Class IV – milk powders – skim-milk prices plus 74 cents. In years prior the formula was the greater of advanced Class III and Class IV skim-milk prices. The change was made at the request of dairy-industry stakeholders and was intended to improve risk-management opportunities for beverage milk. COVID-19-induced volatility combined with the 2018-farm-bill formula change resulted in hundreds of millions of dollars in Class I-pool revenue losses, renewing industry discussions regarding optimal Class I pricing methods. Dairy farmers are curious about how the multiple circulating proposals of Class I formula options differ and how they would each impact Class I revenues. This Market Intel analyzes three alternatives to the current Class I pricing calculation and their associated revenue impacts for dairy farmers supplying the Class I marketplace.