EU prices for raw milk dropped by 2.5% to €44.86/100kg last month compared to May this year, according to latest data by the European Commission.
Figures show that EU prices for raw milk have been gradually declining this year from €55.74/100kg in January. In 2022, EU prices increased every month.
Milk density factor: 1.0297 ratio factor used to convert between volume in litres and kilograms of milk, i.e. 1L of milk corresponds to 1.0297kg of milk.
Ireland had the fifth lowest raw milk price in the EU at €39.78/100kg last month. Latvia and Lithuania saw the lowest prices at €33.97/100kg and €34.57/100kg respectively.
Latest figures for the week ending on Sunday, July 23, show that EU prices for butter, skim milk powder (SMP), whole milk powder (WMP), and cheddar fell compared to the previous four weeks.
The biggest price drop was recorded for SMP at 7.0% to €227/100kg. WMP prices fell by 3.1% to €344/100kg, while butter dropped in price by 2.6% to €453/100kg.
EU prices for cheddar declined only slightly by 0.2% to €358/100kg last week when compared to the average of the previous four weeks, according to figures by the commission.
The production of raw milk in the EU during the first five months of 2023 was 0.8% higher than during the same period last year. Butter and SMP production rose by 1.7% and 0.9% respectively.
EU WMP production between January and May this year declined by 2.3% compared to the same period last year. Condensed milk production in the EU saw an increase of 5.6%.
ICMSA
Commenting on these latest figures, the president of the Irish Creamery Milk Suppliers’ Association (ICMSA), Pat McCormack said the last five or six weeks have not been good in the market place.
There has been a difficult projectory in recent times and dairy farmers across Europe are at breakeven or less which is “not economically sustainable”, McCormack, who is “hopeful” prices will recover in August, said.
While Ireland’s ranking among EU countries is “disappointing”, McCormack said it is a reflection of being a 90% exporting nation and that is “always a challenge” in a falling market.