TeachMeFinance.com - explain Basic formula price (BFP)
Basic formula price (BFP) The term 'Basic formula price (BFP) ' as it applies to the area of agriculture can be defined as ' 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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