(click on image to enlarge)
Here is another article I find disturbing: http://www.bloomberg.com/news/2010-11-29/milk-glut-ruins-u-s-dairy-farm-profits-as-48-corn-rally-boosts-feed-cost.html
The article states: "Dairy farmers expanded herds following the 70 percent jump in prices to a record in 2007, just before the U.S. began its longest recession since before World War II and unemployment rose to the highest level in a quarter century." Did all dairy farmers expand herds in 2007? No. Could a competent rural sociologist shed some light on who did and who did not expand production?
Furthermore, As the above graph plainly shows, milk production had been climbing fairly steadily for several years, including years of low milk price.
