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US milk prices to double- $8-a-Gallon if farm bill does not go on the correct side

Milk Prices

It’s the end of the year, and Congress is fighting over a farm bill again, which can mean only one thing: ’tis the season for warnings that Americans could wake up in 2014 and suddenly be paying eight bucks for a gallon of milk. But while the prospect of milk doubling in price overnight makes for an attention-getting headline, it’s not what’s going to happen. 
First, a quick history lesson: the U.S. Department of Agriculture (USDA) is required to buy butter, cheese and powdered milk to set a floor for milk prices. It acts kind of like the Federal Reserve, except instead of setting interest rates, the agency’s actions impact what we pay for a gallon of milk. The formula was adjusted over the years to balance what farmers make with how much consumers pay, and today’s rate expires with the current farm-bill extension at the end of the year.


Read more: People Are Freaking Out About $8-a-Gallon Milk | TIME.com http://business.time.com/2013/12/11/people-are-freaking-out-about-8-a-gallon-milk/#ixzz2nMnnXsfP
http://business.time.com/2013/12/11/people-are-freaking-out-about-8-a-gallon-milk/?iid=biz-main-belt

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