The US government has announced that it will take “immediate action” to offer further support to the country’s struggling dairy farmers.
Go deeper with GlobalData
Through the Dairy Product Price Support Program (DPPSP), the US Department of Agriculture will raise the price paid for non-fat dry milk from $0.80 per pound to $0.92 per pound.
The USDA will also increase the price paid for cheddar blocks from $1.13 per pound to $1.31 per pound; and the price of cheddar barrels from $1.10 per pound to $1.28 per pound.
The US government will also purchase of an additional 150m pounds of non-fat dry milk and an additional 75m pounds of cheese, the USDA said.
By propping up dairy prices, the USDA estimated that it would increase farmers’ revenues by US$243m between August and October.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“The Obama Administration is committed to pursuing all options to help dairy producers,” said Vilsack.
“The price increase announced today will provide immediate relief to dairy farmers around the country and keep many on the farm while they weather one of the worst dairy crises in decades.”
Vilsack said this additional support would have an immediate effect on dairy farmers’ bottom line.
