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The international market price of wheat doubled from February 2007 to February 2008 hitting a record high of over US$10 a bushel. [92] Rice prices also reached ten-year highs. In some nations, milk and meat prices more than doubled, while soy (which hit a 34-year high price in December 2007 [93]) and maize prices have increased dramatically.
These purchase prices are set high enough to enable dairy processors to pay farmers at least the support price for the milk they use in manufacturing these products. The 2002 farm bill (P.L. 107-171, Sec. 1501) mandated a support price of $9.90/ cwt , effective through December 31, 2007, when the program by law was scheduled to expire.
By 1925, the United States had 1.5-2 million dairy cows, each producing an average of 4200 lb of milk per year. By 2007, there were 9.1 million dairy cows with an average milk production of over 20,000 pounds per year and eight pounds per gallon. [1]
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Cow Milk Production by State in 2016 After a brief rise following the Great Recession of 2008-9, milk prices crashed again in the late 2010s to well under $3 a gallon at major grocers in the United States. Pennsylvania has 8,500 farms with 555,000 dairy cows. Milk produced in Pennsylvania yields an annual revenue of about US$1.5 billion. [70]
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On average, two-thirds of Canadian dairy produced is sold as fluid milk while the remaining one-third is refined into other dairy products such as milk, cheese and butter. [7] In Canada, dairy farming is subject to the system of supply management. Under supply management, which also includes the egg and poultry sectors, farmers manage their ...
The average price of milk right now is $3.50, but milk has reached $3.80 at its peak price, according to the U.S Bureau of Labor Statistics. Check out the video above for more on the looming price ...