Wisconsin dairy farmers feeling downturn in milk prices

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"Mr. Tiry has seen his ups and downs, but never anything like this," The Economist reports in an article about decreasing milk prices and its effect on the Wisconsin dairy industry. The magazine writes:

"Since January 2008 milk prices have fallen by nearly half, from $20.50 per hundredweight (45kg) to $11.40 this June as global demand has plummeted and milk intended for export has spilled back onto the domestic market. Farmers are suffering the consequences."

Wisconsin doesn't even produce the most milk anymore, the article says. That title goes to California. To assist, the article says the U.S. Department of Agriculture is launching some reforms, and the state of Wisconsin is reportedly offering tax incentives to farmers.

Cows themselves are feeling the pinch too. More than 101,000 have been given the heave ho in order to reduce supply the article says.