Even though the farm bill expires at midnight on Wednesday, agriculture experts say milk prices won’t spike right away.
There had been concerns that the lack of a new bill would affect milk prices, but Agriculture Secretary Tom Vilsack said a dairy spike won’t happen right away.
He said he won’t implement an old subsidy formula from the 1940s that would push prices higher.
Dairy economists say there’s time. Even if the United States Department of Agriculture does start to allow support at higher prices, it would take several weeks for that formula to settle into current dairy prices. That’s due in part to the strong demand for dairy products.