Consumers who like to drown their morning cornflakes may soon be merely moistening them. Because of a decline in U.S. dairy production, milk prices are jumping over the moon. After churning out a record 146 billion lbs. of milk in 1988, suppliers are producing about 2% less this year. Reasons: lower federal dairy subsidies, a drought-related decline in feed crops and a falling milk-cow population. As a result, some customers are finding milk in short supply. Even the U.S. Agriculture Department is having trouble buying enough to supply Government nutrition programs.
In New York State, where the number of milk cows...
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