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Champaign, Ill. – Dairy market forecasters are warning that consumers can expect a sharp increase in dairy prices this summer.
By June, the milk futures market predicts, the price paid to farmers will have increased 50 percent this year, driven by higher costs of corn and for transporting milk to market.
U.S. milk prices have increased about 3 percent, or roughly a dime a gallon, this year, according to the Department of Agriculture.
University of Illinois dairy specialist Michael Hutjens forecasts further increases of up to 40 cents a gallon for milk in the next few months.
