To terminate all Federal programs relating to price support and supply management for milk and to grant the consent of Congress to cooperative efforts by States to manage milk prices and supply.

Amends the Agricultural Market Transition Act to repeal the milk price support and (processor) recourse loan programs. Prohibits the support of milk prices through cheese, butter, or nonfat dry milk purchases.

Amends the Agricultural Adjustment Act, reenacted by the Agricultural Marketing Agreement Act of 1937, to terminate milk marketing order authority.

Authorizes a State or compact of States, respecting milk produced in such State or compact, to: (1) establish a minimum fluid milk price; and (2) regulate milk used for manufacturing.