(Total time will vary with appliance and setting.)
The sweetened condensed milk caramelizes during the long, slow cooking to give this rice pudding a pleasant caramel flavor and rich beige color.
Save your fresh milk for cereal. Evaporated milk and condensed milk make this a smooth, creamy pudding because they don't break down and separate like fresh milk would during the long cooking time.
This all-time favorite comfort food lends itself to a little flavor variety. Try adding chopped dried apricots, sweetened dried cherries or dried cranberries in place of the raisins.