Found this one in the Calgary Herald and it has come in handy many times when I want to make something with sweetened condensed milk but have none on hand.

Ingredients

1 serv.

skim milk powder↗2 1⁄2 cups
sugar↗1 1⁄3 cups
butter, melted↗6 tablespoons
boiling water2⁄3 cup

Step-by-step instructions

1
Blend in blender until smooth and creamy.
2
Keep refigerated.
3
Yields 1 can (14 oz or 400 ml).

Source: food.com

Original recipe ↗

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