United States milk futures increased to a record high as exports by the U.S. rose due to smaller inventories of cheese and butter, which analysts say will lead to greater costs for pastries and pizza and other food products.
With milk futures inching 0.7 percent higher to $24.45 per 100 pounds, consumers have to be prepared this autumn season for less money in their pocket when they purchase milk, butter, cheese, pizza, cakes, pastries and other baked goods.
It has been known for quite some time that dairy consumption significantly enhances in the fall because consumers and households prepare for the holiday season with cakes and football fans gear up for Sunday NFL games with plenty of pizza.
Retail whole milk for a one-gallon carton was $3.65 in July, the highest retail price for the month since 2011.
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