Dairy Pricing Reform and Farmer Protection Act of 2011 - 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.
Directs the Secretary to: (1) establish a dairy producer margin protection program to protect dairy producer income through the provision of basic margin protection payments and, if purchased by a dairy producer, supplemental margin protection payments when actual dairy producer margins are less than the threshold levels for the payments; and (2) conduct the program from January 1, 2012, through December 31, 2017.
Makes all registering U.S. dairy producers eligible for: (1) the program, and (2) a two-tiered basic margin protection program.
Authorizes a producer to purchase supplemental margin protection at the time of program registration.
Directs the Secretary to: (1) establish a dairy market stabilization program for all U.S. dairy producers in order to balance the supply of milk with demand when the total percent production growth in milk products in a federal milk marketing order exceeds the combined percent growth in Class I, II, and III milk products; and (2) conduct the program from January 1, 2012, through December 31, 2017.
Eliminates the: (1) dairy product price support program, (2) the dairy forward pricing program, (3) the milk income loss contract program, and (4) the dairy export incentive program.
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