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Milk Prices Rally to Highest Since 2007 as Exports Rise

Prices for nonfat-dry milk, the biggest U.S. dairy export, rose to a six-year high on surging overseas demand at a time when Congress’s failure to extend an expired farm law leaves the threat of surging consumer costs.

The price of nonfat-dry milk averaged $1.9363 a pound in the week ended Dec. 7, the highest since November 2007, the U.S. Department of Agriculture said in a report today, citing the average received by manufacturers surveyed by the agency. Domestic exporters shipped a record 464,989 metric tons of the product in the 10 months through Oct. 31, according to U.S. Dairy Export Council data.