Milky Mess

If Congress doesn’t extend the existing farm bill or pass a new one, milk prices will double. This is because price supports would be based on the 1949 Agriculture Act and would be $38/hundred-weight, as opposed to $20.83 now. Should this happen, expect plunging short-term consumer demand and massive imports of dairy products from abroad, followed by plummeting dairy prices, as government sells the massive quantities of dairy products purchased.