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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.
A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [1] good, commodity, or service. It is one type of price support; other types include supply regulation and guarantee government purchase price.
Milk Income Loss Contract (MILC) Payments is the name given by USDA to the dairy farmer counter-cyclical payments program, authorized by the 2002 farm bill (P.L. 107-171, Sec. 1502, 7 U.S.C. 7982). Under the program, dairy farmers nationwide are eligible for a federal payment whenever the minimum monthly market price for farm milk used for ...
Still, the farm bill -- which was created in 1933 and gets updated every five years or so -- affects almost every aspect of America's food, from crop subsidies to food stamps to disaster relief.
As the recession causes worldwide milk demand to slip, dairy processors seem to be manipulating the market to keep retail prices high in an attempt to prop up profits. As they are going out of ...
Dean Foods, America's top milk production company, announced it is filing for bankruptcy due to consumers' declining demand for the product. Dean Foods, America's top milk production company ...
A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...
Using group marketing and a supply management system designed by farmers for farms, National Farmers contracts with processors established floor or minimum prices to take rapid fluctuations out of farm-gate milk prices. The NFO's program involved: getting members to sign a membership agreement that named the NFO as their bargaining agent.