Dairygold has become the latest processor to reveal its milk price for February, making the move to increase its figure.

The southern cooperative has increased its February quoted milk price by 1.7c/L.

This means the co-op’s milk price is 34.0c/L, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of bonuses and VAT.

In addition, the February Early Calving Bonus of 2.0c/L will be paid on milk supplied in February in accordance with milk quality criteria.

This milk price equates to an average February farm gate milk price of 40.8c/L based on average February milk solids achieved by Dairygold milk suppliers, a spokesperson for the co-op says.

The quoted milk price for February based on EU standard constituents of 3.4% protein and 4.2% butterfat is 37.2c/L, excluding the Early Calving Bonus.

The spokesperson added:

“Global milk supply/dairy demand has become more balanced over the past number of weeks.

Markets are currently experiencing strong Asian demand for dairy commodities, with some green shoots beginning to emerge from the food service sector.

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

This follows earlier milk price announcements from Lakeland Dairies, Glanbia and Kerry Group in recent days.