Dairygold has become the latest processor to announce its price for milk supplied in the month of October, deciding to follow suit with the trend from other processors and increase its price.

Dairygold has increased its quoted milk price for October milk to 38c/L, inclusive of VAT and bonuses, based on standard constituents of 3.3% protein and 3.6% butterfat.

This is an increase of 1c/L on the price for last month of 37c/L inclusive of VAT and bonuses, which was itself an increase on the previous month’s price.

Dairygold says that the average farmgate milk price will be 49c/L based on average October milk solids achieved by its suppliers.

When expressed in terms of standard European constituents of 3.4% protein and 4.2% butterfat, the quoted price is 41.5c/L.

A spokesperson for Dairygold said this afternoon (Wednesday, November 17): “Dairy markets remain buoyant with global milk supplies more constrained leading to firmer returns across the basket of dairy commodities.

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

Dairygold’s price announcement follows Kerry Group, Glanbia and Lakeland Dairies, who each also increased their prices.

On Monday of this week (November 15), Kerry said that it would pay farmer suppliers a base price of 37c/L including VAT at constituents of 3.3% protein and 3.6% butterfat, compared to last month’s price of 36c/L – which was itself an increase of 1c/L on the previous month’s price.

On Thursday (November 11), Lakeland set the ball rolling by announcing an increased price for October.

In the Republic of Ireland, Lakeland increased its milk price by 0.5c/L and will pay a base milk price of 38c/L, including VAT, for milk at 3.6% fat and 3.3% protein.

In Northern Ireland, Lakeland increased its milk price by 0.4p/L and will pay a milk price of 30.5p/L.

Then on the following day (Friday, November 12) Glanbia announced its price, also deciding to increase its offering.

The business said that it will pay its member milk suppliers 37.6c/L including VAT for October creamery milk supplies.

Glanbia Ireland (GI) will pay a base milk price for October of 37.18c/L including VAT for creamery milk at 3.6% fat and 3.3% protein. This is an increase of 1c/L including VAT from the September base price.

Farmer members will also receive a 0.42c/L including VAT payment from Glanbia Co-op on all milk supplied this month as their share of GI profit.