The board of Arrabawn has today (Thursday, July 18) confirmed that it has decided to increase its milk price for the month of June.
The co-op will pay milk suppliers 43.9 c/L based on standard constituents of 3.3% protein and 3.6% butterfat.
The board said that this price includes a 0.25 c/L support payment and 0.5 c/L sustainability bonus.
June
Yesterday, Dairygold announced that it had increased its June quoted milk price by 0.5c/L to 42.5c/L.
This is based on on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality bonuses and VAT.
According Dairygold the milk price equates to an average farm gate milk price of 46.1c/L, based on the average June 2024 milk solids, achieved by Dairygold milk suppliers.
Kerry Dairy Ireland, a division of Kerry Group, also increased its milk price for June supplies.
The processor’s price for milk supplied in June is 42.5c/L, including VAT, at 3.30% protein and 3.60% butterfat.
The Kerry Dairy Ireland June milk price at EU standard constituents at 3.40% protein and 4.20% butterfat is 46.60c/L.
Based on Kerry’s average milk solids for June, the milk price return, inclusive of VAT and bonuses, is 45.62c/L, the processor said.
Last week, the board of Lakeland Dairies confirmed an increase in the base price for June to 43.5c/L in the Republic of Ireland. The base price includes the 0.5c/L Sustainability Incentive Payment.
This compares to Lakeland Dairies’ “all-in base price” for Republic of Ireland suppliers of 42.9c/L for milk supplied in May.
Lakeland also decided that in Northern Ireland, a base price of 35.8p/L will be paid for milk supplied in June. This is also inclusive of the 0.5p/L Sustainability Incentive Payment.
In Northern Ireland Lakeland paid a base price of 34.5p/L for milk supplied in May.
GDT
Meanwhile, the Global Dairy Trade (GDT) index has seen a very slight recovery following the latest trading auction which took place on Tuesday (July 16).
The increase of 0.4% follows on from a sharp decline when the index tumbled by almost 7% on July 2.
The index figure stands at 1,081, up from 1,077 two weeks. The latest index figure reflects a price of €3,518 per metric tonne (mt).