Dairygold has today (Thursday, October 17), become the latest processor to announce an increase in its milk price for September supplies.
The processor’s board increased its milk price by 2.25c/L to 48.0c/L, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality bonuses and VAT.
This equates to an average farm gate milk price of 59.9c/L, based on the average September 2024 milk solids achieved by Dairygold milk suppliers.
Based on EU standard constituents of 3.4% protein and 4.2% butterfat, the quoted milk price for September is 52.3c/L, inclusive of VAT, the processor said.
“Dairy market returns strengthened in September, with market prices improving, particularly for both butter and cheese, as buying activity increased and global supply remained constrained.
“However, in recent weeks, butter prices have fallen from their unprecedented high levels,” according to a spokesperson for Dairygold.
“The Dairygold board will continue to monitor markets closely and review milk price on a monthly basis,” the spokesperson said.
Dairy markets
Meanwhile, the Global Dairy Trade (GDT) price index has fallen by 0.3% at the latest event held earlier this week, and now stands at 1,160, down from 1,164 at the previous event.
The event saw a total of 38,956 metric tonnes (mt) sold, with an average price of €3,529/mt. The decline in the GDT price index follows two consecutive increases.
Looking at the indices for each product offered, cheddar recorded the biggest increase at 4.2% to an average price of €4,308/mt at the latest GDT trading event.
The indices for butter, skim milk powder, mozzarella and lactose all declined, with the index for mozzarella recording the most significant drop at 8.2% to €4,177/mt.