Major Dairy Processors Announce Increased June Milk Prices as Global Dairy Markets Record Continued Strength

Dairygold became the latest dairy processor to raise its milk price for June deliveries to 55.5 cpl yesterday, up 2.5 cpl/l from May.

This corresponds to an average June milk price ex-farm of 60.3 c/L, based on average milk solids in June.

It comes as both Glanbia and Lakeland Dairies have increased their June milk prices by 3c/l and the Kerry Group has increased its price by 2c/l.

Recent price increases have been attributed to the continued strength of global dairy markets and strong demand for dairy ingredients due to limited milk supply growth from key dairy regions, according to processors.

The increased milk price also reflects the significant increase in input costs for milk suppliers this year, according to a Dairygold spokesman.

Earlier this week, Glanbia announced it would pay 55.08 cents/L (including VAT) for June milk, 3 cents/L more than last month.

This is broken down into a base milk price of 49.58c/l (including VAT), an agri-input support payment of 5c/l on all milk delivered in June and a sustainability action payment of 0.5c/l ( including VAT). paid monthly on all milk delivered in 2022 to recognize specific sustainability actions carried out on the farm.

In the meantime, Lakeland Dairies has announced that it will pay an increased milk price of 55.1 c/l (including VAT) for June milk in the Republic of Ireland. This is also an increase of 3 c/l compared to the May milk price.

On average, Lakeland Dairies pays 57.88c/L for June milk in ROI, with all fixed price milk contracts receiving an additional payment of 8c/L.

Last week, the Kerry Group also announced that the base price for June milk would rise to 53.5c/l (including VAT). This is 2c/L higher than the May milk price.

Global dairy trade

The rise in milk prices paid by Irish processors comes as EU milk collections for May, which is normally the month with the highest milk production, were “extraordinarily weak”, according to ASB, one of New Zealand’s leading commercial banks.

However, it also noted that milk powder prices fell overnight at the Global Dairy Trade auction. A 5.6 percent drop in whole milk powder and an 8.6 percent drop in skimmed milk powder drove the overall price index down 5 percent.

This is due to the ongoing energy crisis, drought, rising input costs and other unfavorable economic headwinds on farms, the bank said.

https://www.independent.ie/business/farming/dairy/key-milk-processors-announce-increased-june-milk-prices-as-global-milk-markets-see-continued-strength-41856819.html Major Dairy Processors Announce Increased June Milk Prices as Global Dairy Markets Record Continued Strength

Fry Electronics Team

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