Market returns on Irish dairy products down 35% in 2 years
The market returns for Irish dairy products fell again January as dairy markets globally continue in a downward spiral.
The Ornua Purchase Price Index (PPI) the monthly indicator of market returns on dairy products sold by Ornua fell another basis point on December returns to stand at 85.7.
The January return is down some 7% on the same month last year and a massive 35% on returns posted in January 2014.
The Ornua Purchase Price Index (PPI) is a monthly indicator of market returns on dairy products sold by Ornua (typically butter, cheese, whole milk powder and protein products), relative to comparable returns generated in a base year (2010).
Last week Ireland offered 1,769t of skimmed milk powder (SMP) into public intervention, the highest amount offered by a country to the measure last week.
This now brings Ireland’s total amount of SMP in the measure to 3,273t for 2016, figures from the Milk Market Observatory (MMO) show.
Ireland began offering product back into the measure in January when it offered 170t of SMP to the intervention and it has steadily continued to offer product since then.
This week, however, saw the amount offered to the measure increase significantly.
In total, some 5,749t was offered to the measure last week from the eight countries that offered SMP to intervention.
So far this year, 22,515t of dairy product has been offered to the measure.
Last year, EU Member States offered over 40,000t of SMP to intervention last year latest figures from the MMO show.