The latest Milk Price Tracker - brought to you by Agriland and the Irish Creamery Milk Suppliers’ Association (ICMSA) - details milk prices from the most significant Irish dairy co-ops for the month of July.
The co-ops within the Milk Price Tracker are ranked from highest to lowest price for base milk price only.
It is important to note that the cent-per-litre (c/L) milk prices shown in the table below are calculated using the widely accepted milk pricing system.
The conversion factor used is 1.03, which means that 1L of milk corresponds to 1.03kg of milk.
It is Agriland and ICMSA policy not to include support payments, bonuses, or additional payments in the calculation of the base milk price.
There was positive movement in the direction of milk prices, as 11 of the 14 major co-ops increased offerings for July supplies.
Seven processors increased base milk supplies by 1c/L for the month.
These included Carbery's four west Co. Cork co-ops of Lisavaird, Drinagh, Bandon, and Barryroe, who have now being paying the leading base prices for seven consecutive months.
These four co-ops are now paying an average base price of 40.01c/L.
Boherbue, Strathroy, and Lakeland Dairies all increased milk prices by 1c/L too.
Kinisla offered the largest increase for July supplies after having the lowest base price in June, elevating its base price by 1.10c/L to a base price of 37.57c/L.
North Cork and Dairygold have both offered 0.50c/L more this month than what was offered last month.
Meanwhile, ArraTipp increased its base price by 0.40c/L for July.
Aurivo did not offer any increase in base milk price for July supplies, and with a base price of 38.23c/L, was leap-frogged by Boherbue and Strathroy.
Meanwhile, Centenary and Tirlán both maintained the same base price as June at 37.59c/L, which saw Lakeland surpass the two.
The lowest offering co-op in terms of base milk price for July supplies is Dairygold, with a price of 37.04c/L.
The increased prices for the month saw the average base price paid across the board climb to 38.51c/L, up from 37.82c/L in June and from when it bottomed out at 34.30c/L back in December.
The increase is much needed, as dairy farms across the country felt the financial impact of the drought through July and August while feed costs rocketed and milk production fell back.
There is still a lot of solids to be produced on farm this year, meaning there is a good bit of money to come into the account.
But with a cashflow crisis facing farms this winter, it is looking like next spring before bank accounts start to look any bit healthy.
In terms of the global market, the Global Dairy Trade (GDT) index is continuing to rise with four consecutive increases recorded.
The index figure has now risen to 1,177, as product sold during the event for an average price of €3,372/t.
Ornua has confirmed another slight increase in its Purchase Price Index (PPI), with the figure now standing at 130.4 for the month of August, up from 130.2 in June.
Further details of bonuses and penalties for the Milk Price Tracker can be found by clicking here.
With regard to the latest Milk Price Tracker for July, the following explanatory notes (all bonus and penalty payments are based on manufacturing milk) apply.
Unconditional bonuses
Conditional bonuses