EU to buy up butter and milk for longer - KWWL - Eastern Iowa Breaking News, Weather, Closings

EU to buy up butter and milk for longer

BRUSSELS (AP) -- The European Union says it will buy and store butter and skimmed milk powder until next February to shore up tumbling prices.

The 27-nation bloc usually only intervenes by buying up dairy products between March 1 and Aug. 31. But it says it will now act until the end of February 2010 and would extend that to February 2011 if needed.

Dairy farmers across Europe have called for more government help because a 50 percent drop in milk prices over the last year is forcing them to sell below cost.

The EU says it has already bought and stored nearly three times its normal limits for butter and double the normal limit for skimmed milk powder.

Powered by Frankly