WASHINGTON – The 2002 Farm Bill extends the Milk Price Support Program through Dec. 31, 2007, at the current milk support price of $9.90 per hundredweight (3.67 percent milkfat).
The purchase prices for butter, nonfat dry milk, and cheese under the program to support milkfat at that level will remain unchanged for now, but will be reconsidered throughout the remaining calendar year.
The purchase prices for these manufactured dairy products remain as follows: butter, 85.48 cents per pound; block cheese, $1.1314 per pound; barrel cheese, $1.1014 per pound; and nonfat dry milk, 90 cents per pound.
The 2002 Farm Bill permits the Secretary of Agriculture to adjust the balance between the purchase prices of butter and nonfat dry milk twice each calendar year.
As of May 1, 2002, USDA’s Commodity Credit Corporation has an uncommitted inventory of approximately 979.7 million pounds of nonfat dry milk.
Further terms and conditions for purchases of dairy products will be contained in subsequent announcements.
