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These purchase prices are set high enough to enable dairy processors to pay farmers at least the support price for the milk they use in manufacturing these products. The 2002 farm bill (P.L. 107-171, Sec. 1501) mandated a support price of $9.90/ cwt , effective through December 31, 2007, when the program by law was scheduled to expire.
Looks like milk prices will be going up. According to the TODAY Show, the drought in California could cause milk prices to increase by 60 cents a gallon. This price surge will likely hit in March.
Grocery prices saw another decline in the month of April, down 0.2% month-over-month. Year-over-year though, prices are still up, 7.1%.
Data from the Office for National Statistics showed the cost of low-fat milk had increased by 45.2% and olive oil by 44.6% in the past year.
Generally, minimum fluid farm milk prices increase according to the distance from the basing point. When federal milk marketing orders began in the 1930s, Eau Claire, Wisconsin was viewed as the principal surplus milk production region in the nation and hence served as the basing point for most milk priced under federal milk marketing orders.
Milk Income Loss Contract (MILC) Payments is the name given by USDA to the dairy farmer counter-cyclical payments program, authorized by the 2002 farm bill (P.L. 107-171, Sec. 1502, 7 U.S.C. 7982). Under the program, dairy farmers nationwide are eligible for a federal payment whenever the minimum monthly market price for farm milk used for ...
For most of us who didn't study economics, inflation is a concept you notice only when the items you usually purchase are suddenly more expensive during your grocery shopping checkout. Primer ...
The Dairy Promotion Program or National Dairy Checkoff is a United States commodity checkoff program for dairy product promotion, research, and nutrition education as part of a comprehensive strategy to increase human consumption of milk and dairy products and to reduce dairy surpluses, established in 1983.