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%.