Dairy 101 — IDFA's Milk Procurement Workshop - is designed specifically to instruct you and your staff on the structure of the dairy industry and how dairy pricing mechanisms work. This workshop will furnish dairy processors and manufacturers with a fundamental knowledge of all regulatory pricing mechanisms, then show how these mechanisms affect company operations in today's marketplace.

The first part of Dairy 101 will provide a broad understanding of the industry we work in, including what milk is, how milk is marketed and distributed, dairy product production and consumption, and the many dairy policies that control and affect these processes. The second part of the workshop is dedicated to a discussion of how milk and other dairy products are priced — both inside and outside of the Federal Order System. We will review how the different components of milk (including nonfat solids and butterfat) are priced and where those prices come from. We will also introduce participants to risk management options available to the dairy industry.

If you and your staff need to learn the nuts and bolts of the dairy industry and milk pricing, or simply need a refresher course, this workshop is for you. A detailed knowledge of our industry and the Federal Order System is vital to any dairy professional. Don't miss this once a year opportunity!

PROGRAM AGENDA

DAY ONE: Dairy 101 for Processors Tuesday, March 30, 2004
8:30am - 9:00am	Registration
9:00am - 10:30am	Dairy Industry Overview Milk Component Composition Dairy Product Yield Relationships Milk & Dairy Product Production and Consumption Milk & Dairy Product Prices Dairy Industry Structure
10:30am - 12:00pm	Introduction to Federal Dairy Policies Dairy Price Supports Federal Milk Marketing Order Basics Dairy Trade Policies
12:00pm - 1:00pm	Group Luncheon
1:00pm - 5:00pm	Pricing Milk Under Federal Orders Product Price Formulas Federal Order Price Formulas Handler Obligations: The minimum price you must pay for milk Producer Pay Prices Pooling: Reconciling what you must pay for milk with what you must pay each shipper Federal Order Price Relationships
DAY TWO: Advanced Milk Pricing & Procurement Wednesday, March 31, 2004
8:00am - 11:00am	Pricing Milk Under Federal Orders (continued)
11:00am - 12:00pm	Pricing Milk Outside of Federal Orders Over Order Premiums State Regulated Pricing Unregulated Processors Unregulated Milk and Milk Products
12:00pm - 1:00pm	Group Luncheon
1:00pm - 2:00pm	Pricing Milk Outside of Federal Orders (continued)
2:00pm - 4:00pm	Introduction to Dairy Risk Management Concepts Forward Contracting: Inside and Outside of Federal Orders Dairy Futures and Options
4:00pm - 4:30pm	Milk Pricing Wrap Up: Policy & Politics

HOW TO REGISTER

The conference is only $795 for members and $995 for nonmembers.

HOTEL AND TRAVEL INFORMATION

Dairy 101 will be held at the Embassy Suites O'Hare, located at 5500 North River Road, Rosemont, IL 60018, near O'Hare International Airport in Rosemont, IL. Attendees should refer to IDFA's Milk Procurement Workshop to secure the group rate of $159single/$169 double. Call the hotel directly at (847) 678-4000 for reservations by March 8, 2004 to receive this special group rate. Please plan to make your reservation today.

EWA Travel in Washington, D.C., is the official travel agency for the Milk Procurement Workshop. Registrants are welcome to use EWA's services to arrange their travel to the workshop. United Airlines offers 10% off unrestricted fares and 5% off all other fares; all rules and restrictions apply. You may call the following toll-free numbers for reservations:

EWA Travel:	1-800-368-4055
United Airlines:	1-800-521-4041 (Tour Code: 514UY)