Dairy Producer Income Protection Act of 2011 - Amends the Food, Conservation, and Energy Act of 2008 to extend the milk income loss contract program.
Revises payment, feed cost adjustment, and payment quantity (pound) calculations.
Eliminates: (1) milk price supports, (2) dairy product price supports, and (3) the dairy export incentive program.
Directs the Secretary of Agriculture (USDA) to conduct hearings to assess the implications of transitioning federal milk marketing orders from end-product pricing to a competitive pay pricing system.
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