Federal Milk Marketing Improvement Act of 2007 - Amends the Agricultural Adjustment Act, reenacted with amendments by the Agricultural Marketing Agreement Act of 1937, to direct the Secretary of Agriculture to base the minimum Class II milk price on the average production cost of producing all milk in the 48 contiguous states.
Directs the Secretary to: (1) announce the minimum price for Class II milk by November 1 of each year, with specified price adjustment dates; (2) use the Class II milk price as the basic formula price for all federal and state milk marketing orders and all unregulated milk production areas; and (3) estimate annual milk production and domestic consumption.
States that the price of Class I (fluid) milk price in all federal and state milk marketing orders and all unregulated milk production areas shall be equal to the basic formula price plus the opportunity cost of unpaid labor for producing all milk.
Prohibits imposition of producer charges for the cost of hauling milk or the conversion of raw milk to manufactured products.
Sets forth provisions respecting: (1) milk inventory management; and (2) milk handler responsibilities.
States that in the case of a federal milk order, disapproval of an amendment to the order shall not be considered disapproval of the order or of other terms of the order.