The price of milk hit a record
$21.30 per 100 lbs. at the Chicago Mercantile Exchange recently, and more records are likely due to strong demand for dairy products both here and overseas. The international demand for dairy products is driving the market prices. The world market price for non-fat dry milk is approaching $2.50 a pound. A year-ago non-fat was being sold in the U.S. at about 80 cents a pound. Nonfat dry milk is widely used overseas for a variety of foods, and demand has been strong because of low supplies in Europe and the United States. Recently, economists predicted the retail price of a gallon of milk could increase 10 percent or more this year, to $3.30 per gallon, from $3.00.
The price of milk hit a record $21.30 per 100 lbs. at the Chicago Mercantile Exchange recently, and more records are likely due to strong demand for dairy products both here and overseas. The international demand for dairy products is driving the market prices. The world market price for non-fat dry milk is approaching $2.50 a pound. A year-ago non-fat was being sold in the U.S. at about 80 cents a pound. Nonfat dry milk is widely used overseas for a variety of foods, and demand has been strong because of low supplies in Europe and the United States. Recently, economists predicted the retail price of a gallon of milk could increase 10 percent or more this year, to $3.30 per gallon, from $3.00.
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