From Wiktionary, the free dictionary
From milk + bag.
milkbag (plural milkbags)
- An udder.
- Synonym: bag
- A manmade bag containing milk.
- Coordinate terms: milk bottle, milk jug, carton, milk can, milk churn
- (slang, vulgar, usually in the plural) The human female breast.
- Synonyms: bag, funbag, milk jug; see also Thesaurus:breasts