Today I made a dessert that called for sweetened condensed milk. I had a can in the cupboard, so I thought I was all set. Once I opened the can, I realized it was way past its 2006 use-by date. I almost made a grocery store run since I was already halfway into the recipe, but then I decided to check the internet for a substitution recipe. I found several, and tried this one: http://www.cooks.com/rec/view/0,193,144167-242193,00.html
It calls for:
2/3 c. sugar
1/3 c. boiling water
3 tbsp. melted butter
In blender, combine instant dry milk, sugar, boiling water and melted butter. Blend until smooth. Store in refrigerator until ready to use. Yields approximately 14 ounces (a little less), about the same as a store bought can.
This substitution worked out wonderfully, my dessert recipe turned out just as good as usual, and the ingredients probably cost a lot less than a can of sweetened condensed milk. Boo yeah!