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Milk - in itself a glandular secretion - is not necessary for the mother-animal's life (or, as it is here metonymically described, its "blood"); on the other hand, it is not just something that the body eliminates as being of no further use to its metabolism: hence it is referred to as a substance "between that which is to be eliminated [from the animal's body] and [its] life-blood".
lit., pleasant for those who drink.
The spiritual sustenance which Allah gives is typified by the wonderful ways of sustenance in the physical world, which figure forth Allah's providence and loving care for His creation. And the wonderful transformations in the physical world, which all tend to the benefit of man, are also Signs of His supreme wisdom. In the previous verse rain was mentioned, which gives new life to dead nature. In this and the following two verses our attention is drawn to milk, the products of the date and the vine, and honey.
Their; in the Arabic, it is "its", in the singular number, for two reasons: (1) cattle is the generic plural, and may be treated as a singular noun; (2) the instructive Sign is in cattle collectively, but the milk is the product of each single individual.
Milk is a secretion in the female body, like other secretions, but more specialised. Is it not wonderful that the same food, eaten by males and females, produces in the latter, when they have young, the wholesome and complete food, known as milk? Then, when cattle are tamed and specially bred for milk, the supply of milk is vastly greater than is necessary for their young and lasts for a longer time than during the period they give suck to their young. And it is a wholesome and agreeable diet for man. It is pure, as typified by its whiteness. Yet it is a secretion like other secretions, between the excretions which the body rejects as worthless and the precious blood-stream which circulates within the body and is the symbol of life itself to the animal which produces it.