Arrabawn has today (Wednesday, March 20) become the latest processor to announce its milk price for the month of February.
The board of Arrabawn has decided to increase its price paid to members for milk supplied last month by 1c/L for February supplies.
This follows an increase from the processor’s last announcement of 1c/L for January.
Arrabawn are also paying a 3c/L winter bonus on February milk supplies.
Milk price
Carberry also announced its price for supplies today, with an increase in base price by 2c/L, and is also continuing to support the milk price from its Stability Fund with a contribution of 1.5c/L.
If this decision is replicated across the four west Cork co-ops; Bandon, Barryroe, Drinagh and Lisavaird, this will result in an average price of 41.67c/L.
The February price is inclusive of VAT, 0.5c/L Somatic Cell Count (SCC) bonus, FutureProof sustainability bonus and Stability Fund support.
“As dairy markets continue to find equilibrium, recovering from volatility in 2024, prices will begin to stabilise and our milk price is reflecting this.
“We are monitoring markets on an ongoing basis and hope to see this recovery and stabilisation continue,” a Carbery spokesperson said.
Global Dairy Trade
Meanwhile, the Global Dairy Trade (GDT) price index fell by 2.8% at the latest auction. The index now stands at 1,055 – compared to the previous index figure on March 5, of 1,086.
The average selling price was $3,497 per metric ton in the auction, which lasted for nearly two hours, during which there were 112 winning bidders.
The GDT Price Index now stands at 1,055 today – compared to the previous index figure on March 5, of 1,086.
An analysis of the individual product sub-indices from the 352 event today shows that the sharpest drop was a 4.8% fall for skim milk powder (SMP) to an average price of $2,517/MT.