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Agreement reached in dispute over Kerry’s ‘leading milk price’

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The Kerry Group will, in consultation with the Board of Kerry Co-Operative Creameries Limited, pay 0.85 cents/litre on all qualifying 2021 milk volumes to meet our contractual obligation to pay the leading milk price on a like-for-like basis.

In addition, and in recognition of challenging farm-level inflation conditions, Kerry Group will also pay 0.85 cents/litre on all 2021 Forward Pricing Program volumes.

The agreement comes after years of disagreement between Kerry milk suppliers and the Kerry Group over their obligation to pay a “leading milk price”.

It also comes after both Lakeland Dairies and Glanbia announced significant milk price hikes in recent days.

The Lakeland Dairies Board of Directors has set the Co-op’s milk price for March.

Lakeland Dairies has increased its milk price by 3.6 cents/liter and pays 47.1 cents/liter including lactose bonus and VAT for milk with 3.6% fat and 3.3% protein.

On average, Lakeland Dairies’ ROI will pay out over 50.28 cents/liter for March milk.

Yesterday Glanbia Ireland increased its base milk price by 5c/L in an unprecedented move.

The move will give Glanbia suppliers a base price for March milk of 47.08 cpl.

Glanbia Co-op chairman John Murphy said milk market prices are now at unprecedented highs, with global milk flows likely to be weaker in the first half of this year.

“We are in uncharted territory as rising costs and scarce supplies of key farm inputs such as feed and fertilizer contribute to the current strength in milk prices in global markets.”

https://www.independent.ie/business/farming/dairy/milk-prices/agreement-reached-in-kerry-leading-milk-price-dispute-41551642.html Agreement reached in dispute over Kerry’s ‘leading milk price’

Fry Electronics Team

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