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Milk Costs Most Ever to Signal Higher Prices for Pizza

Milk futures rose to a record as exports by the U.S. climbed amid shrinking inventories of cheese and butter, signaling higher costs for pizza and pastries.

The U.S. shipped a record 17 percent of milk production in the first half, according to Alan Levitt, a spokesman at the U.S. Dairy Export Council. Cheese stockpiles in July dropped 8 percent from a year earlier, and butter supplies tumbled 42 percent, the Department of Agriculture said last month. U.S. dairy costs are higher than world prices, signaling imports will increase, said Jon Spainhour, a partner at Rice Dairy LLC.