A total of 60,537t of skimmed milk powder (SMP) was sold from intervention stocks in the latest tender held in Europe, it has been confirmed.

The product was sold at a minimum price of €1,451/t.

This is over double the amount of SMP sold at the last tendering process, held in the third week of November, which saw 26,082t of product shifted at a price of €1,313.

It is also around double the amount sold at the start of November – some 30,067t at a price of €1,251.

The latest sale will have reduced the total amount of intervention SMP to approximately 170,000t.

This week’s auction marks the final sale of SMP to be held in 2018 with the next tender to resume in the new year.

Kerry holds milk price and announces Forward Price Scheme 4

Kerry Group has held its milk price paid to suppliers for November. The Kerry Group base price for November milk supplies remains unchanged at 32c/L including VAT, a spokesperson for the company confirmed.

Based on average November milk solids, the price return inclusive of vat and bonuses is 41.7c/L, the spokesperson added.

In addition, the fourth Kerry Agribusiness Forward Price Scheme will be available to milk suppliers for online application next Tuesday, December 18, at 2:00pm.

The indicative price to be on offer will be in the range of 29.5c/L to 30.5c/L including VAT for milk with solids of 3.3% protein and 3.6% butterfat. This will be paid from March to October 2019.

The offer price will be confirmed on Tuesday, December 18, and the maximum volume that can be applied for is 20% of a supplier’s annual contracted milk volume.