DAIRY COOPERATIVE MARKETING ASSOCIATION, INC. STREET ADDRESS: 13011 WEST HIGHWAY 42, SUITE 206 PROSPECT, KENTUCKY 40059 MAILING ADDRESS: P. O. BOX 245 GOSHEN, KENTUCKY

PHONE: 502-292-2810 FAX: 502-292-2828

40026

December 10,2010 Mr. Solomon Whitfield Price Support Division, Farm Service Agency, USDA 1400 Independence Ave. SW Room 4095-S, Stop 0512 Washington, DC 20250-0512

Dear Mr. Whitfield, The attached Position Paper is submitted to the U.S. Dairy Industry Advisory Committee commenting on proposals for certain changes in Federal Milk Marketing Order pricing provisions. Dairy Cooperative Marketing Association, Inc. is a Capper-Volstead Marketing-Agency-inCommon, operating in the southern United States. The current members of Dairy Cooperative Marketing Association, Inc., all of whom are Capper-Volstead cooperative associations, are: Arkansas Dairy Cooperative Association, Inc. Cobblestone Milk Cooperative, Inc. Cooperative Milk Producers Association, Inc. Dairy Farmers of America, Inc. Dairymen's Marketing Cooperative, Inc. LANCO-Pennland Quality Milk Producers Co-op Lone Star Milk Producers, Inc. Maryland & Virginia Milk Producers Cooperative Association, Inc. Premier Milk, Inc. Select Milk Producers, Inc. Southeast Milk, Inc. Zia Milk Producers, Inc. If you need anything further, or have any questions, please feel free to calion me.

~~

Jeffrey Sims Assistant Secretary

COMMENTS TO THE

u.s. DAIRY INDUSTRY ADVISORY

COMMITTEE

Submitted by: DAIRY COOPERATIVE MARKETING ASSOCIATION, INC.

POSITION ADVANTAGES

PAPER

OF THE CURRENT METHOD CLASS I MOVER

OF CALCULATING

THE

Background The Class I Mover is the base price for Class I milk in all Federal Milk Marketing Orders. A Class I differential is added to the Class I Mover to establish the minimum Class I price in each Order. Since January 1, 2000, as the result of Federal Order reform, the Class I Mover is the "higher of' the advanced Class III or Class IV price. The advanced Class III and IV prices are calculated using product price formulas. These formulas are based on the price of butter, cheese, nonfat dry milk powder, and dry whey. Prior to January 1, 2000, the Class I Mover was determined using the Basic Formula Price (BFP) which was implemented in June 1995. Prior to the BFP the MinnesotaWisconsin (M-W) price series, which started in 1961, was used to establish the base price for Class I milk. Both the M-W and BFP are considered "competitive prices." The MW price was an estimate of the price paid by cheese, powder, and butter plants in Minnesota and Wisconsin to Grade B dairy farmers for their milk production. The estimated price was determined by a survey of cheese, powder, and butter plants in those two states. The BFP was a modified version of the M-W. Under the BFP, the monthly change in cheese, powder, and butter prices was used to update the price obtained through the plant survey. There is discussion of returning to a Class III competitive price to determine the Class I Mover. We have no comments at this time regarding using a competitive price to determine the Class III or Class IV prices. However, we support retaining the current method of calculating the Class I Mover which uses the "higher of' the Advanced Class III or IV price calculated by product price formulas. Reasons for keeping the current method are: • • •

Provides a greater economic incentive to move milk to the fluid market Promotes more orderly marketing of milk Does not lower revenue to dairy farmers

1

•

Allows better predictability and transparency of the Class I price

Greater Economic Incentive One of the purposes of Federal Orders is to ensure an adequate supply offluid milk for consumers. Fluid milk processors (Class I) compete with cheese, powder, and butter manufacturers (Class II, Class ill and IV) for a milk supply. The Class I price must exceed the manufacturing class prices in order to economically encourage the movement of milk to the Class I market. Using the "higher of' to determine the Class I Mover helps facilitate and encourage the movement of milk for fluid use. Table I shows the Class I Mover, advanced prices, Class III, Class III and IV prices, by month, from January 2000- December 2010 along with the difference between the two advanced prices. During this 132 month period, there were 58 months the Advanced Class IV price was the Class I Mover. In other words, the Advanced Class IV price was higher than the Advanced Class III price 44% of the time. In June 2010 the Class I Mover was $15.28 per cwt., based on the Advanced Class IV price. If the Class I Mover was set by the Advanced Class III price for June 2010, the Mover would have been $13.24 per cwt. or over $2.00 per cwt. less. If that had occurred, for the month of June 2010, the Federal Order Class II price would have exceeded the Class I Mover by $2.77 per cwt. and the Class IV would have exceeded the Mover by $2.21 per cwt. In markets with Class I differentials lower than these amounts there would be no economic incentive to move milk to Class I at the Federal Order minimum price. Class II and IV prices would be higher than the Class I price. If one examines Table I there are other months, besides June 2010, where the Class II and IV prices would exceed the minimum Class I price if the Mover was based on the Class III price. In months where this "price inversion" occurs, it could be a challenge for fluid milk processors to obtained needed milk supplies. Some may argue that a competitive Class ill price would be higher than the current Class ill price which is based on a product formula. The only published data on this subject shows otherwise. The Federal Order reform decision shows that for the period January 1994-December 1998, the BFP (competitive price) averaged $12.70 per cwt. Ifthe current product formula procedure for calculating the Class I Mover was applied to that period, the Class I Mover would have been $0.20 per cwt. higher or $12.90 per cwt. From January 2000-December 2010, there were 24 months when the Class IV price exceeded the Advanced Class ill price by over $1.00 per cwt. Even if a competitive Class III price was higher than one based on a product formula, it is not reasonable to expect the magnitude of the increase to be high enough to offset a difference of $1.00 per cwt. The current method of establishing the Class I Mover encourages the movement of milk to fluid markets. Basing the Class I Mover solely on the Class III price would result in the opposite and could make it difficult to meet the needs of all fluid milk markets.

2

Orderly Marketing Another purpose of Federal Milk Marketing Orders is to promote orderly milk marketing. A system that establishes a Class I Mover that is below the Class IV price by over a $1.00 per cwt. almost 20% of the time, as referenced above, would not promote orderly marketing. In fact the opposite would occur. Basing the Class I Mover just on the Class III price decreases revenue from Class I milk in the Federal Order producer pool, when the Class IV price exceeds the Class III price, compared to the current "higher of' method. Lowering Class I revenue increases the potential for depooling (not associating milk with the Federal Order pool). And, lowering Class I revenue, compared to the other classes, increases the potential for a negative producer price differential (in simple terms-Federal Order blend price lower than the Class ill price). In the June 2010 example from above, Class II and IV plants in many markets would most likely have depooled their milk production if the Class I Mover had not been based on the "higher of." Depooling does not promote the orderly marketing of milk It causes disruption in the market and creates inequity in raw product costs among handlers. Not using the "higher of' has the potential to result in more depooling. Revenue to Dairy Farmers As stated above, the final decision on Federal Order reform provided data comparing the BFP to the current Class I Mover. The data showed a gain of$0.20 per cwt. from using the current method versus the BFP. This is $0.20 per cwt. in additional revenue to dairy farmers on the portion of their milk production marketed as Class I. From January 2000 - December 2010 the Class I Mover averaged $13.86 per cwt. The Advanced Class III price averaged $13.38 per cwt. If only the Class III price had been used as the base for the Class I Mover, the Mover would have been $0.48 per cwt. lower. Not only would this lower price decreased the incentive to move milk to Class I from manufacturing, but it would also lowered revenue to dairy farmers marketing milk under Federal Orders. With annual Federal Order Class I milk production averaging about 44.5 billion lbs., a decline of $0.48 per cwt. means over $213 million less revenue to dairy farmers per year. In parts of the country there is not enough locally produced milk to meet the fluid milk demand. Supplemental milk is purchased from outside of the area to help meet the fluid demand. Dairy farmer cooperatives are responsible for purchasing much of the supplemental milk A large portion of the supplemental milk comes from manufacturing plants, including powder plants. The price paid for the supplemental milk must be greater than the economic return from manufacturing in order for the plant to give the milk up. Not using the "higher of' lowers the Class I Mover price in the months the Advanced Class IV price exceeds the Advanced Class ill price, as described above. A

3

lower Class I Mover results in a lower Class I price. If the supplemental milk is coming from a powder plant (Class IV), then the price paid for this supplemental milk must be increased by the loss in the Class I Mover from only using the Class III price in order to procure the milk. In that the Federal Order Class I price is lower, as a result of not using the "higher of', this additional cost falls on dairy farmers and their cooperatives. Again, not using the "higher of' lowers revenue to dairy farmers.

Predictability and Transparency Predicting milk prices is not easy, but predicting milk prices is easier under the current product price method than the previous competitive method. It is important to many fluid milk processors and retail purchasers of packaged fluid milk to have a reasonable prediction of future raw milk prices, especially for the upcoming month. Such price predictions are helpful to processors and retailers in budgeting and planning milk advertisements and promotions. The current Class I Mover for a given month is announced on the Friday on or before the 23rd of the previous month. NASS product prices for the two weeks previous to this Friday are used to calculate the Advanced Class III and IV prices. There is a high correlation between the NASS product prices and Chicago Mercantile Exchange (CME) prices. Generally, there is a lag of about two weeks between the CME prices and NASS prices. In other words if product prices are increasing or decreasing on the CME, one can expect that increase or decrease to be reflected in the NASS price about two weeks later. If one follows the CME and NASS prices, one can predict, within a reasonable range of accuracy, the Class I Mover for the coming month, two-three weeks before the official price announcement. For examp,le, take the November 2010 Class I price. This price was announced on October 22n based on NASS prices for the weeks ending October 8 and is". Considering the lag period, many in the industry had a reasonable indication of the November Class I price by October L The current method of using product prices to calculate the Class I Mover makes this possible. Granted, price predictions were made when the M-W and BFP, competitive prices, were used as the Class I base. However, the prediction was more difficult and less accurate due to use ofa once-a-month survey of prices paid to dairy farmers compared to product prices: product prices which are available on a daily and weekly basis. A major benefit to fluid milk processors from the current Class I Mover calculation is advanced pricing of butterfat. Raw milk averages about 3.6% butterfat while packaged fluid milk averages about 2% butterfat. As a result of this difference, fluid milk processors have large volumes of butterfat to market. Under the previous competitive price system, only a Class I base price at 3.5% butterfat was announced in advance.

4

Fluid processors did not know the exact cost of butterfat in the milk they purchased until the month after the raw milk was purchased. With the current Class I Mover procedure, a skim price per cwt. and butterfat price per lb. are announced in advance for Class I milk. With a product such as butter that has shown much volatility during the past decade, butterfat advanced pricing is major advantage to fluid milk processors. A fluid processor knows in advance the cost of a major raw product before it is purchased. Some argue the use of the "higher of' makes it difficult for fluid processors to use the futures market. This is a weak argument, in that there is a Class IV futures market as well as a Class III futures market. A fluid processor seeking future price protection can buy the "higher of' the Class III or IV futures price for the month(s) desired. If there were strong interest by fluid processors, a Class I Mover futures market could be developed. Related to predictability is transparency. NASS product prices are announced weekly. CME product prices, which directly impact NASS product prices, are announced daily. Both NASS and CME price data is readily available to all interested parties. The formulas, which incorporate product prices used to calculate the Class I Mover, are easily available. The previous M- Wand BFP method required a survey of milk prices which was combined in a lengthy calculation with a complicated updating mechanism - data that was not provided until the price announcement. The current system of calculating the Class I Mover based on product prices is more transparent than one based on a competitive price. Summary The current method of calculating the Class I Mover based on the "higher of' the Advanced Class III or IV price using product formulas is beneficial to the dairy industry. Compared to basing the Class I mover only on a competitive Class III price, the current method better encourages movement of milk to fluid use, provides for more orderly milk marketing, increases revenue to dairy farmers, and provides better price predictability and transparency.

5

Table I. Class I Mover, Advanced Class III and IV prices January 2000-December 2010 All prices $/cwt. and 3.5% butterfat. Class II, III, and IV prices through November 2010. Class I Mover minus Advanced Class III 2000 Class I Mover Advanced Class III Advanced Class IV

J F

M A M

J J A

S 0 N

0

Class II

Class III

Class IV

$10.90 $10.71 $10.84 $10.93 $11.48 $11.70 $12.46 $11.95 $11.84 $11.89 $11.82 $12.13

$9.79 $10.23 $9.56 $9.52 $9.43 $9.37 $9.38 $10.72 $10.33 $10.83 $10.43 $8.64

$10.90 $10.71 $10.84 $10.93 $11.48 $11.70 $12.46 $11.95 $11.84 $11.89 $11.82 $12.13

$1.11 $0.47 $1.28 $1.41 $2.05 $2.33 $3.09 $1.23 $1.51 $1.06 $1.39 $3.48

$11.43 $11.51 $11.71 $12.10 $12.63 $13.08 $12.58 $12.56 $12.58 $12.54 $13.68 $13.97

$10.05 $9.54 $9.54 $9.41 $9.37 $9.46 $10.66 $10.13 $10.76 $10.02 $8.57 $9.37

$10.73 $10.80 $11.00 $11.38

$13.99 $11.94 $12.65 $13.44 $14.21 $14.99 $15.34 $15.40 $15.56 $15.93 $15.76 $11.98

$9.51 $10.06 $10.24 $11.45 $11.97 $13.40 $15.03 $15.40 $15.56 $15.93 $15.76 $11.18

$13.99 $11.94 $12.65 $13.44 $14.21 $14.99 $15.34 $15.01 $14.84 $15.85 $13.50 $11.98

$4.48 $1.88 $2.41 $1.99 $2.25 $1.58 $0.31 $0.00 $0.00 $0.00 $0.00 $0.80

$12.82 $13.43 $14.17 $15.10 $15.72 $16.05 $15.96 $15.98 $16.24 $13.53 $12.78 $12.61

$9.99 $10.27 $11.42 $12.06 $13.83 $15.02 $15.46 $15.55 $15.90 $14.60 $11.31 $11.80

$12.13 $12.70 $13.46 $14.41 $15.04 $15.33 $14.81 $15.06 $15.59 $12.77 $11.97 $11.79

$11.96 $11.95 $11.62 $11.47 $11.26 $11.03 $10.62 $10.48 $10.46 $10.15 $10.60 $10.52

$11.96 $11.71 $11.62 $10.58 $10.76 $11.03 $10.18 $9.43 $9.57 $9.88 $10.60 $9.72

$11.67 $11.95 $11.48 $11.47 $11.26 $10.61 $10.62 $10.48 $10.46 $10.15 $10.38 $10.52

$0.00 $0.23 $0.00 $0.90 $0.50 $0.00 $0.43 $1.05 $0.89 $0.26 $0.00 $0.80

$12.69 $12.28 $12.19 $11.88 $11.29 $11.19 $11.14 $11.07 $10.91 $11.12 $11.26 $11.62

$11.87 $11.63 $10.65 $10.85 $10.82 $10.09 $9.33 $9.54 $9.92 $10.72 $9.84 $9.74

$11.93 $11.54 $11.42 $11.09 $10.57 $10.52 $10.45 $10.41 $10.22 $10.50 $10.58 $10.49

$10.56 $10.23 $9.81 $9.64 $9.71 $9.74 $9.77 $10.97 $13.71 $14.29 $14.37 $13.84

$9.78 $9.79 $9.67 $9.11 $9.26 $9.74 $9.66 $10.97 $13.71 $14.29 $14.37 $13.84

$10.56 $10.23 $9.81 $9.64 $9.71 $9.74 $9.77 $9.88 $10.31 $9.98 $10.18 $10.29

$0.78 $0.44 $0.14 $0.53 $0.45 $0.00 $0.11 $0.00 $0.00 $0.00 $0.00 $0.00

$11.29 $10.66 $10.54 $10.44 $10.43 $10.46 $10.63 $10.81 $10.76 $10.84 $10.99 $11.30

$9.78 $9.66 $9.11 $9.41 $9.71 $9.75 $11.78 $13.80 $14.30 $14.39 $13.47 $11.87

$10.07 $9.81 $9.79 $9.73 $9.74 $9.76 $9.95 $10.14 $10.05 $10.16 $10.30 $10.52

$11.91

$12.38 $11.87 $11.87 $11.94 $11.81 $13.00 $13.27

2001 J F M A M

J J A

S 0 N

0 2002 J F M A M

J J A

S 0 N

0 2003 J F M A M J J A

S 0 N

0

2004

$17.95 $14.62 $13.97 $14.78 $14.29 $14.43

$11.85 $11.59 $11.67 $13.33 $19.65 $21.13 $17.95 $14.62 $13.97 $14.78 $14.29 $14.43

$10.38 $10.99 $11.94 $13.64 $14.38 $14.60 $13.49 $13.48 $12.48 $12.76 $12.97 $12.74

$0.00 $0.00 $0.27 $0.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$11.67 $12.90 $14.79 $15.21 $15.03 $14.31 $14.00 $13.13 $13.66 $13.57 $14.09 $13.98

$11.61 $11.89 $14.49 $19.66 $20.58 $17.68 $14.85 $14.04 $14.72 $14.16 $14.89 $16.14

$10.97 $12.21 $14.10 $14.57 $14.50 $13.72 $13.31 $12.46 $13.00 $12.81 $13.34 $13.42

$16.65 $13.79 $15.43 $14.13 $14.80 $13.62 $13.89 $14.44 $13.70 $14.27 $14.56 $13.57

$16.65 $13.79 $15.43 $14.13 $14.80 $13.62 $13.89 $14.44 $13.70 $14.27 $14.56 $13.57

$13.56 $12.55 $12.68 $12.68 $12.65 $12.13 $12.25 $13.30 $13.30 $13.75 $13.53 $13.08

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$13.04 $13.36 $13.25 $13.24 $12.78 $13.06 $13.79 $13.95 $14.35 $14.25 $13.49 $13.22

$14.14 $14.70 $14.08 $14.61 $13.77 $13.92 $14.35 $13.60 $14.30 $14.35 $13.35 $13.37

$12.52 $12.74 $12.66 $12.61 $12.20 $12.33 $13.17 $13.44 $13.75 $13.61 $12.90 $12.57

$13.38 $13.38 $12.49 $11.22 $10.97 $10.75 $11.34 $10.97 $10.85 $12.42 $12.40 $12.43

$13.38 $13.38 $12.49 $11.22 $10.97 $10.75 $11.34 $10.97 $10.85 $12.42 $12.40 $12.43

$12.67 $12.38 $11.40 $10.80 $10.34 $10.36 $10.20 $10.16 $10.52 $11.11 $11.34 $11.95

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$13.25 $12.62 $11.69 $11.37 $11.13 $11.00 $10.83 $11.16 $11.74 $11.79 $11.98 $12.55

$13.39 $12.20 $11.11 $10.93 $10.83 $11.29 $10.92 $11.06 $12.29 $12.32 $12.84 $13.47

$12.20 $11.10 $10.68 $10.36 $10.33 $10.22 $10.21 $10.64 $11.10 $11.51 $12.11 $12.30

$13.59 $13.39 $14.25 $15.00 $15.92 $17.84 $20.91 $21.76 $21.91 $21.59 $21.45 $20.04

$13.59 $13.39 $14.25 $15.00 $15.92 $17.02 $20.16 $21.60 $19.90 $20.12 $18.88 $19.23

$12.34 $12.30 $12.67 $13.54 $15.46 $17.84 $20.91 $21.76 $21.91 $21.59 $21.45 $20.04

$0.00 $0.00 $0.00 $0.00 $0.00 $0.82 $0.75 $0.15 $2.01 $1.48 $2.58 $0.81

$12.85 $13.08 $13.60 $14.51 $16.62 $18.89 $21.40 $22.41 $22.16 $21.90 $22.07 $20.82

$13.56 $14.18 $15.09 $16.09 $17.60 $20.17 $21.38 $19.83 $20.07 $18.70 $19.22 $20.60

$12.53 $12.71 $13.71 $16.12 $18.48 $20.76 $21.64 $21.87 $21.61 $21.31 $20.40 $19.18

J

$11.85

F M A M

$11.59 $11.94 $13.64 $19.65

J

$21.13

J A S 0 N D 2005 J F M

A M J J

A S 0 N

D 2006 J F M

A M

J J A S 0 N

D 2007 J F M

A M J J

A S 0 N D

2008 $20.97 $19.68 $16.70 $18.61 $16.62 $18.18 $20.78 $18.47 $17.65 $15.53 $17.33 $15.43

$20.97 $19.68 $16.70 $18.61 $16.62 $18.18 $20.78 $18.47 $17.65 $15.48 $17.33 $15.43

$19.40 $17.99 $14.77 $14.15 $14.49 $15.30 $15.87 $16.54 $16.60 $15.53 $13.98 $12.24

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.05 $0.00 $0.00

$19.75 $18.46 $15.63 $15.29 $15.51 $16.19 $16.81 $17.45 $17.58 $16.60 $14.45 $11.21

$19.32 $17.03 $18.00 $16.76 $18.18 $20.25 $18.24 $17.32 $16.28 $17.06 $15.51 $15.28

$16.29 $14.67 $14.17 $14.56 $15.26 $15.92 $16.60 $16.64 $15.45 $13.62 $12.25 $10.35

$15.74 $10.72 $9.43 $10.36 $10.97 $10.08 $10.26 $10.04 $10.93 $12.35 $12.86 $13.99

$15.74 $10.72 $9.20 $10.36 $10.97 $9.84 $9.95 $9.95 $10.93 $12.35 $12.86 $13.99

$10.72 $9.62 $9.43 $9.59 $9.79 $10.08 $10.26 $10.04 $10.46 $10.98 $11.87 $13.15

$0.00 $0.00 $0.23 $0.00 $0.00 $0.24 $0.31 $0.10 $0.00 $0.00 $0.00 $0.00

$10.41 $10.25 $10.36 $10.49 $10.71 $10.79 $10.87 $10.86 $11.01 $11.93 $13.24 $14.25

$10.78 $9.31 $10.44 $10.78 $9.84 $9.97 $9.97 $11.20 $12.11 $12.82 $14.08 $14.98

$9.59 $9.45 $9.64 $9.82 $10.14 $10.22 $10.15 $10.38 $11.15 $11.86 $13.25 $15.01

N D

$15.03 $14.84 $14.34 $13.22 $13.80 $15.28 $15.66 $15.77 $15.50 $16.58 $17.24 $16.96

$14.78 $14.70 $14.34 $13.22 $12.99 $13.24 $13.85 $13.66 $15.13 $15.99 $16.95 $16.35

$15.03 $14.84 $13.47 $12.86 $13.80 $15.28 $15.66 $15.77 $15.50 $16.58 $17.24 $16.96

$0.25 $0.14 $0.00 $0.00 $0.81 $2.04 $1.80 $2.11 $0.37 $0.59 $0.29 $0.62

$15.22 $15.65 $14.46 $13.78 $14.90 $16.01 $17.10 $16.98 $17.60 $17.57 $17.21

$14.50 $14.28 $12.78 $12.92 $13.38 $13.62 $13.74 $15.18 $16.26 $16.94 $15.44

$13.85 $12.90 $12.92 $13.73 $15.29 $15.45 $15.75 $15.61 $16.76 $17.15 $16.68

average

$13.81

$13.33

$12.87

$0.48

$13.65

$13.38

$12.94

J F

M A

M J J

A S 0 N D

2009 J F M

A M

J J

A S 0 N D

2010 J F M

A M J J A

S 0

Table II. Class I Mover, Advanced Year

2000 2001 2002 2003 2004 2005 2006 2007 2008

2009 2010

Class III and Class IV, Final Class II, Class II, and Class IV Annual Averages

Class I Mover Advanced Class III

$11.55 $14.27 $11.01 $11.39 $14.99 $14.40 $11.89 $18.14 $18.00 $11.48 $15.00

$9.85 $12.96 $10.59 $11.18 $14.94 $14.40 $11.89 $17.42 $17.99 $11.40 $14.19

Advanced Class IV

Class II

Class III

Class IV

$11.55 $13.98 $10.92 $10.01 $12.82 $12.95 $11.10 $17.65 $15.57 $10.50 $14.88

$12.53 $14.53 $11.55 $10.76 $13.86 $13.48 $11.76 $18.36 $16.24 $11.26 $15.93

$9.74 $13.10 $10.42 $11.42 $15.39 $14.05 $11.89 $18.04 $17.44 $11.36 $14.36

$11.83 $13.76 $10.81 $10.00 $13.20 $12.88 $11.06 $18.36 $14.65 $10.89 $14.94