Carbery is reducing its base milk price due to weakness and volatility in dairy markets driven by Covid-19.
The board of Carbery has, however, made the decision to support this reduction for the month of March from the Carbery Stability Fund, the group says.
Therefore, the March price reflects a decrease in the base price of 1.5c/L, with this drop being supported by an increase in the contribution from the Carbery Stability Fund of 1.5c/L. This brings the total support from the Stability Fund to 2c/L, the co-op group says.
A spokesperson for Carbery group stated: “The restrictions caused by Covid-19 have had a serious impact on global dairy markets.
“We are closely monitoring the markets and the difficulties in other countries on demand and milk supply.
“Our priority continues to be safeguarding the health of our employees and the well-being of our farmers, while ensuring that we can maintain processing throughout this situation.
We are planning for the potential medium to long-term impacts of global dairy market uncertainty and taking decisions that will safeguard the long-term future of Carbery Group and our farmer suppliers.
“We give our ongoing thanks and appreciation to our own employees, the co-op teams, and our farmers, who are continuing to work to keep the national food chain supplied during this crisis,” the spokesperson concluded.