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The farm bill also established a Milk Income Loss Contract (MILC) program that makes direct payments to participating dairy farmers whenever the minimum monthly market price for farm milk used for fluid consumption in Boston falls below $16.94 per hundredweight (cwt.). The MILC program has been reauthorized until September 30, 2012.
Under the program, dairy farmers nationwide are eligible for a federal payment whenever the minimum monthly market price for farm milk used for fluid consumption in Boston falls below $16.94/cwt. A producer potentially can receive a payment equal to 45 percent of the difference between the $16.94 per cwt. target price and the market price, in ...
The hundredweight has had many values. In England in around 1300, different hundreds (centum in Medieval Latin) were defined. The Weights and Measures Act 1835 formally established the present imperial hundredweight of 112 pounds (50.80 kg). The United States and Canada came to use the term "hundredweight" to refer to a unit of 100 pounds (45.
The Constitution does not prohibit states to regulate the price of milk for dairy farmers, dealers, and retailers. U.S. Const. amend. XIV. Nebbia v. New York, 291 U.S. 502 (1934), was a case in which the Supreme Court of the United States decided that New York State could regulate the price of milk for dairy farmers, dealers, and retailers.
Butter-Powder Tilt is the price adjustment strategy in United States, which requires the USDA to support the farm price of milk at $ 9.90 per cwt. by standing ready to purchase surplus butter, cheese and nonfat dry milk when wholesale prices for these commodities fall below administratively set levels. The 2002 farm bill (P.L. 107–171, Sec ...
The compact created a Northeast Dairy Compact Commission, based in Montpelier, Vermont, charged with setting prices and regulating bulk milk handlers. From 1997 until its expiration on September 30, 2001, the Northeast compact required processors in the region to pay dairy farmers at least $16.94/ cwt. for farm milk used for fluid consumption.
Dairy industry in the United States. The dairy industry in the United States includes the farms, cooperatives, and companies that produce milk and cheese and related products, such as milking machines, and distribute them to the consumer. By 1925, the United States had 1.5-2 million dairy cows, each producing an average of 4200 lb of milk per year.
Producers who elected to participate in the program and reduce their milk marketings by between 5% and 30% below their base production were paid $10 per hundred pounds (cwt.) for these reductions. For a 16-month period (12/1/83- 3/31/85), all dairy farmers were assessed 50¢/cwt. on all milk marketed to help defray the cost of the diversion ...