Condensed milk is simply evaporated milk reduced by half, often with the inclusion of sugar. The technique used for making rice pudding with condensed milk doesn't deviate from the standard method, but you need to add sugar to taste and reconstitute it with water. It takes an equal amount of water to reconstitute -- or restore condensed milk to its original form -- but you can adjust the quantity to make the rice pudding thicker.
Milk is an emulsion: water immersed with a fat. The milk you buy in stores is stabilized through homogenization, which breaks up the fat globules into droplets so tiny that the water stays suspended in them usually after the expiration date. Condensed milk is an emulsion, but with less water. Adding the water back in, requires vigorous whisking or the aid of an appliance -- a stand mixer, immersion blender or food processor work equally well. After you reconstitute the milk, you should add it to the rice pudding as soon as possible so it remains stable throughout cooking.
The use of condensed milk has no influence on secondary ingredients and flavorings in rice pudding. For example, if you prefer raisins in rice pudding, add them as usual (3/4 cup of raisins for every 1 cup of uncooked rice used in the recipe). The same goes for spices: You can stir in spices, such as cinnamon and nutmeg, after about 20 minutes of cooking, or simply garnish individual portions with spices to taste.
Things You'll Need
1 cup short grain rice
2 1/4 cups of condensed milk
Sugar, to taste
Pinch of salt
1 teaspoon vanilla extract
Rinse the rice in a bowl two to three times, draining and repeating until the water is clear. Let the rice drain in a colander for several minutes.
Mix the condensed milk with 2 1/4 cups of warm water for rice pudding with a regular, moderate consistency. For a thick rice pudding, use 2 cups of water.
Add the reconstituted milk to a heavy-bottomed saucepan and sweeten it to taste with sugar. Add the rice and salt and bring it to a boil over medium-high heat. Cover the saucepan and set the heat to low after the milk starts to boil.
Cook the rice for 25 minutes and uncover it. Stir in the vanilla extract and any secondary ingredients (such as dried fruit) and continue cooking until the rice is tender, about five minutes. Take the rice off the stove.
Transfer the rice to the serving dish or serving dishes. Gently press a piece of parchment paper or plastic wrap onto the surface of the rice and let it reach room temperature. After the rice reaches room temperature, let it chill in the refrigerator for one hour before serving.
To make rice pudding in the oven, mix the same ingredients as for stovetop cooking and add them to a baking dish. Set the baking dish in a large baking pan and pour water into the pan to about a 1-inch depth. Bake the rice pudding uncovered for 90 minutes at 325 degrees Fahrenheit, or until the sides are set but the center has a bit of wobble left in it. Let it set and reach room temperature just like the stovetop rice pudding, and then chill it in the refrigerator before serving as well.