Dairygold has today (Thursday, June 16) announced that it is increasing the price paid for milk supplied during May.

The quoted milk price for last month is up by 2.5c/L to 53c/L, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of bonuses and VAT.

The processor said that this milk price equates to an average May farmgate milk price of 57.2c/L, based on average May milk solids achieved by Dairygold milk suppliers.

The quoted milk price for May, based on EU Standard constituents of 3.4% protein and 4.2% butterfat, is 57.8cpl.

Dairygold milk

A spokesperson for Dairygold commented that “the increase in milk price reflects the ability of the society to return a strong milk price to suppliers from continued strength in milk markets”.

“This strength is driven by global demand for dairy ingredients and supply constraints in major milk-producing regions,” they continued.

“The society recognises the significant increases in input costs to suppliers this year and will continue to maximise the value of milk returns to address this challenge.

“As is customary, the Dairygold board will continue to monitor markets closely and review milk price on a month by month basis,” the spokesperson concluded.

Last week, Glanbia announced that it will pay its milk suppliers a total of 52.08c/L, including VAT, for May milk supplies.

Lakeland Dairies increased its milk price by 2c/L to 52.10 c/L, including VAT, for suppliers in the Republic of Ireland.

Kerry Group, the first processor to announce a price for May, will pay a base price of 51.5c/L, including VAT.