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Latest fiscal cliff warning: Milk prices could increase to $8 a gallon
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[quote:KoFFee_:MV8yMDk1NTAyXzM1MzA3ODcxX0UzNzY2NzNC] Product packaging continues to shrink as food prices continue to soar! If the government doesn't figure out what they are going to do regarding this bill, I will be buying milk only when I need it for a recipe. I will even start drinking my coffee black--that will be hard to do at first, but I'll get use to it. This is all getting beyond ridiculous!! [/quote]
Original Message
The farm bill expired three months ago. Unless Congress passes legislation renewing federal support for agriculture programs, milk prices could spike to between $6 and $8 per gallon, according to some estimates.
Fifth-generation Weber County dairy farmer Ron Gibson is of two minds about the possibilities.
"It's really a double-edged sword. It would be nice to have $8 a gallon for milk. (Consumers) can't afford to do that long term," Gibson said. "The bigger concern we have is that it could kill demand for our product. How many people will quit buying milk and start buying something else?"
Milk is just part of the dairy market. If the price of milk goes up, so goes the price of cheese, ice cream, sour cream and other dairy products, he said.
Unless Congress resolves the stalemate over the farm bill by the end of the year, the federal government would have to follow a 1949 law that would require the U.S. Department of Agriculture to buy milk at roughly twice the current market price to maintain a stable market.
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