Kerry Group has become the latest processor to confirm its milk price for supplies in the month of October, deciding to boost it offering.
The business said today (Monday, November 15) 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.
At European standard constituents of 3.4% protein and 4.2% butterfat, this base price translates to 40.62c/L including VAT.
Kerry Group said that the average milk price return will be 46.93c/L based on suppliers’ average milk solids for October, inclusive of VAT and bonuses.
Kerry is the third processor to confirm its supplier price in this round of announcements, following Lakeland and Glanbia last week.
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.
In a statement, Lakeland said: “Global dairy markets remain strong at present with continuing restrained milk supply across Europe, New Zealand and the US. Strong purchasing and consumption from Asia is also a key market driver.”
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.