Kerry the latest co-op to increase October milk price

This latest milk price increase will take the October base milk price to 28c/L including VAT.

It is the third co-op to set a milk price for October and it follows Lakeland Dairies and Glanbia in rising the price it pays to member suppliers.

Yesterday, Glanbia announced that members suppliers will receive 28c/L, including VAT, for October milk supplies.

This price is inclusive of a 1c/L Glanbia Co-operative Society support payment to its members.

Glanbia Ingredients Ireland (GII) has increased its base price by 2c/L to 27c/L including VAT for manufacturing milk at 3.6% fat and 3.3% protein.

The Board of Glanbia Co-operative Society has decided to pay its members a support payment of 1c/L (including VAT) for October manufacturing and liquid milk supplies.

Henry Corbally, Glanbia Chairman, said that the Board will continue to monitor markets on a monthly basis.
While welcoming the recent recovery, he cautioned that dairy markets remain fragile due to a number of uncertainties in the global environment.

Meanwhile, following a meeting of the Lakeland Dairies board last week, it decided to increase its October milk price by 1c/L.

The 1c/L increase brings the October milk price paid to farmer suppliers to 27c/L including VAT, and it follows on from last month’s 1c/L milk price increase.

Last month, the co-op increased its milk price for September supplies to 26c/L.

Dairy Product Prices Increase Again At Global Dairy Trade Auction
Yesterday, dairy product prices increased 4.5% at the Global Dairy Trade event, with all dairy products registering increases in average prices.

This latest increase comes after a bumper increase of 11.4% in prices earlier this month.

Butter milk powder (BMP) prices increased 13.3%, while the cheddar index saw an increase of 11%.

Skimmed milk powder (SMP) was another key driver of the increase this week, with prices up 9.8% and whole milk powder (WMP) prices increased by 3.2%.

 

Source:  Agriland

Link: http://www.agriland.ie/farming-news/kerry-the-latest-co-op-to-increase-october-milk-price/

 

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