Milk Prices 101
Kelly Wallace is a CBS News correspondent based in New York.
Ever wonder why a gallon of milk costs as much as it does (more than $4 at my local grocery store in New York City) and who benefits when the prices go up? We did.
That’s what led to tonight’s piece on the CBS Evening News with Katie Couric.
With the price of a gallon of whole milk up 15 percent in the past year (May 2007 – May 2008), we thought someone must be profiting big time. Could it be a great time to be a dairy farmer?
Not a chance.
We met Richard Byma, a dairyman in northern New Jersey for the past 36 years, who told us his costs are skyrocketing — feed and fertilizer have doubled in the past year, and rising gas prices at the pump mean higher farm fuel prices for his farm equipment.
Ever wonder why a gallon of milk costs as much as it does (more than $4 at my local grocery store in New York City) and who benefits when the prices go up? We did.
That’s what led to tonight’s piece on the CBS Evening News with Katie Couric.
With the price of a gallon of whole milk up 15 percent in the past year (May 2007 – May 2008), we thought someone must be profiting big time. Could it be a great time to be a dairy farmer?
Not a chance.
We met Richard Byma, a dairyman in northern New Jersey for the past 36 years, who told us his costs are skyrocketing — feed and fertilizer have doubled in the past year, and rising gas prices at the pump mean higher farm fuel prices for his farm equipment.
