Oh no! Should I really know how to make Eagle Brand milk from SCRATCH?? ……. YES. 3/4 cup powdered milk 3/4 cup sugar 1/2 cup hot water Blend until smooth. This recipe equals one can of store bought condensed milk.
Source: http://tipgarden.blogspot.com/2011/11/make-your-own-sweetened-condensed-milk.html
