Why do we say "Land of Milk and Honey"?

Meaning:

A place of good things. Can also be used to mean a situation that is extremely good.

Background:

Example: 'Ever since they won the lottery they've been living in the land of milk and honey.'

Source/Early Use:
So I have come down to rescue them from the hand of the Egyptians and to bring them up out of that land into a good and spacious land, a land flowing with milk and honey - the home of the Canaanites, Hittites, Amorites, Perizzites, Hivites and Jebusites.
- Exodus 3.8.

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