Homemade Sweetened Condensed Milk
I must admit I am not a sweetened condensed milk fan and generally avoid recipes that call for that particular ingredient. However, after discovering a recipe for Pumpkin Spice Caramels that called for the "stuff", I decided to give it a try. 
Rather than buy a can of sweetened condensed milk, I dug out a recipe that originally came from K-State Extension.

Equal to one 14 oz. can of commercial condensed milk
1/3 cup boiling water
4 tablespoons butter
3/4 cup granulated sugar
1/2 teaspoon vanilla 
1 cup powdered (dried) milk

Add all ingredients to a blender and blend until thickened. Use immediately or store in refrigerator for up to 1 week
Above -- Blending the ingredients for condensed milk.
Below — Thickened, sweetened concoction is ready to use.

Did you know? The idea for a portable canned milk product that would not spoil came to Gail Borden during a transatlantic trip on board a ship in 1852 when the cows on the ship became too seasick to be milked during the long trip. By1854 he had created a condensed milk product that lasted three days without souring. He first thought the condensing process of the milk made it more stable but later realized it was the heating process that killed the bacteria and microorganisms that cause spoilage.

What’s the difference between evaporated and condensed milk? Some of the water is removed from evaporated milk as it is heated. Condensed milk also has some of the water removed and sugar added to create a thick, sweetened product. Both are shelf stable as long as they are not opened.

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