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Basic formula price (BFP)
Calculated monthly by USDA, the BFP is the base price for all milk regulated by federal milk marketing orders. Currently, the BFP is based on the preceding month's average price of Grade B milk paid by processors in Minnesota and Wisconsin, adjusted by current-month changes in the value of certain manufactured dairy products.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Agriculture
- Category: Agricultural programs & laws
- Company: USDA
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