PARIS (AP) - Call it white gold. Milk prices in the U.S. hit a record last month with consumers paying an average $3.80 a gallon, up about 50 cents from January.
And the USDA forecasts prices will remain high throughout the year.
Prices are likely to remain high worldwide until dairy farmers add more cows or shift production to powders, which are more easily traded than the liquid stuff.
Among the reasons for the price hike; growing demand for dairy products in Asia, rising costs of animal feed, shrinking European production and long-standing drought in Australia and New Zealand the world's largest milk-exporting region.