Based on the analysis of anticipated market requirements and lower butter stocks outlook for the fall 2022 the P5 Boards announce the following conventional incentive days to be issued on a non-cumulative basis for the fall of 2022:

1 day in August, 2 days in each of the months of September and October, and 1 day in November.

The P5 board’s primary objective is to continuously monitor the milk market situation and meet demand in the most optimal way. Given these uncertain times we will continue to adapt production signals to address market changes, as required.

The table below provides a summary of 2022 Incentive Days: