CHICAGO—As reported by FLEXNEWS, U.S. diary group Cooperatives Working Together launched a plan April 1 to buy out an unspecified number of cows in an effort to stop tumbling milk prices that have dropped nearly 40 percent from a record high last June.
Yesterday, the U.S. Agriculture Department said it will pay $150 million to dairy farmers hurt by low prices. It also will spend about $117 million to buy turkey, pork, lamb and walnuts for food assistance programs to help farmers.
"We recognize that 2009 is shaping up to be among the toughest years on record for dairy farmers, but CWT will help shorten the price plunge farmers are facing and speed the recovery," said Jerry Kozak, president and chief executive of the organization that manages the CWT.