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Milk Prices Could Soar In 2014

Chip Somodevilla, Getty Images

Milk prices might be giving consumer some major sticker shock in 2014. Congress needs to pass a farm bill by January or milk prices could jump to $7 a gallon.Congress went home for Thanksgiving break without passing a farm bill and if Congress doesn’t pass a farm bill by January, subsidies for dairy and other commodities will expire. That will trigger a funding formula from the 1940′s that could lead prices of several commodities like corn, soybeans and wheat to spike.

A key sticking point that is holding up the bill is funding for food stamps.

Secretary of Agriculture Tom Vilsack said he thinks Congress will get a deal done before Jan.1

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