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Milk Pricing In The United States

Author

Listed:
  • Manchester, Alden C.
  • Blayney, Donald P.

Abstract

This report provides a primer on the complex pricing system that has evolved in the United States to deal with milk production, its assembly (collection), and its distribution to alternative users. All the various government and private institutions making up the system are expected to work together to ensure that the public gets the milk it wants, while dairy farmers get the economic returns needed to provide the milk. The major institutions are the Federal milk price support program and milk marketing orders, the Northeast Interstate Dairy Compact, State regulations, dairy cooperatives, and milk and dairy product futures and options markets. Our goal is to provide a primer on milk pricing that can serve as a steppingstone to other, more detailed works for those so inclined.

Suggested Citation

  • Manchester, Alden C. & Blayney, Donald P., 2001. "Milk Pricing In The United States," Agricultural Information Bulletins 33612, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersab:33612
    DOI: 10.22004/ag.econ.33612
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    File URL: https://ageconsearch.umn.edu/record/33612/files/ai010761.pdf
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    Citations

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    Cited by:

    1. McBride, William D. & Greene, Catherine R., 2009. "Characteristics, Costs, and Issues for Organic Dairy Farming," Economic Research Report 55952, United States Department of Agriculture, Economic Research Service.
    2. Joseph V. Balagtas & Daniel A. Sumner, 2003. "The Effect of the Northeast Dairy Compact on Producers and Consumers, with Implications of Compact Contagion," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(1), pages 123-144.
    3. Bolotova, Yuliya, 2015. "The Effects of FMMOs Pricing Regimes on Milk Price Behavior and Dairy Farm Profitability," 2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia 196779, Southern Agricultural Economics Association.
    4. Bolotova, Yuliya, 2020. "The Price Effects of Milk Supply Control in the U.S. Dairy Industry," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304209, Agricultural and Applied Economics Association.
    5. Bozic, Marin & Gould, Brian W., 2009. "The Dynamics of the U.S. Milk Supply: Implications for Changes in U.S. Dairy Policy," Staff Papers 53818, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    6. Du, Xiaodong & Dong, Fengxia, 2014. "Heterogeneous Responses to Market Information and The Impact on Price Volatility and Trading Volume: The Case of Class III Milk Futures," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169769, Agricultural and Applied Economics Association.
    7. Bolotova, Yulia V., 2023. "Market Power in the U.S. Dairy Industry," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 5(2), March.
    8. Tondel, Fabien & Maynard, Leigh J., 2004. "Is The Thinly-Traded Butter Futures Contract Priced Efficiently?," 2004 Annual Meeting, February 14-18, 2004, Tulsa, Oklahoma 34684, Southern Agricultural Economics Association.
    9. Law, Jonathan M., 2020. "Organic and Conventional Milk Production Practices and Costs between 2005 and 2016: Comparisons and Contrasts by Farm Size, Region and Pasture Use," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304615, Agricultural and Applied Economics Association.
    10. Newton, John, 2016. "Price Transmission in Global Dairy Markets," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 19(B), pages 1-15, August.
    11. Xiaodong Du & Fengxia Dong, 2016. "Responses to market information and the impact on price volatility and trading volume: the case of Class III milk futures," Empirical Economics, Springer, vol. 50(2), pages 661-678, March.
    12. Seo, Hongseok & McCarl, Bruce A., 2016. "Revisiting The Classified Milk Pricing System: Seasonal And Spatial Milk Pricing In The U.S," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 39(Special, ), pages 1-30, December.
    13. Fan, Zaifeng & Jump, Jeff & Tse, Yiuman & Yu, Linda, 2023. "Volatility in US dairy futures markets," Journal of Commodity Markets, Elsevier, vol. 29(C).
    14. Huang, Kuo S. & Blayney, Donald P., 2003. "How Dairy Price Changes Influence The Consumers' Welfare," 2003 Annual meeting, July 27-30, Montreal, Canada 22031, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Bolotova, Yuliya, 2014. "Agricultural Supply Management and Antitrust in the United States System of Agribusiness," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 17(3), pages 1-24, September.
    16. Bozic, Marin, 2009. "An econometric analysis of U.S. milk production: a herd dynamics model," Faculty and Alumni Dissertations 160680, University of Minnesota, Department of Applied Economics.
    17. Campbell James D., 2012. "Targeting Informative Messages to a Network of Consumers," Review of Network Economics, De Gruyter, vol. 11(3), pages 1-31, September.

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