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Sorry - I just read the entire article I linked and it's a poor explanation. Here's a better one:
"The Agricultural Act of 1949 contains the basic provisions for setting milk prices. The act is superseded every time a new farm bill is passed, but if no new bill or extension is passed the old act goes back into effect.
That law includes a mechanism for guaranteeing a minimum milk price that covers producers' costs. The government guarantees to buy their milk products at that price, but producers can usually do better selling on the consumer market. But if the old mechanism were applied to current market conditions, the government price could be double the current rate, industry officials say. Farmers would sell their dairy products to the government instead of the private market and store prices would surge. Then prices might collapse as the government eventually sold its dairy stockpiles."
Milk will go up to 6 to 8 dollar per gallon {nm} Dec 28, 04:42
When? {nm} Dec 28, 06:18
*supposedly* in january, if congress doesnt work on a farm bill. still even without bill, no way prices go up like that Dec 28, 06:23
This is why large federal government is bad! Apparently if bill expires, government will way overpay for milk, though Dec 28, 07:21
Here's why (link inside). Boils down to lawmakers not permanently fixing a law from 70 years ago. Dec 28, 07:37
Its all about the pork right? {nm} Dec 28, 09:07
Sorry - I just read the entire article I linked and it's a poor explanation. Here's a better one: Dec 28, 09:30
Farmers' coops drive up prices. They'd rather spill the cow juice than let prices be driven down by ample supplies. {nm} Dec 28, 15:52