The Ornua PPI (Purchase Price Index) has risen for the month of March, once again driven by stronger butter and powder returns, the Irish dairy exporter has confirmed.
In a brief statement to Agriland yesterday evening (Wednesday, April 7), about the Ornua PPI, a spokesperson for Ornua said:
“The Ornua Purchase Price Index for the month of March is 112.6 and is up from 108.5 in the previous month
Ornua PPI breakdown
This converts to 33.3c/L including VAT, based on Ornua’s product purchase mix, an assumed member processing cost of 7c/L and excluding member margin. This is up 1.5c/L on the 31.8c/L announced last month.
The Ornua PPI increase is again driven by stronger butter and powder returns.
“In addition, the Ornua Value Payment payable to members in the month is €6.15 million, which equated to 6.4% of gross purchases in the month [year to date 6.5%],” the representative concluded.
This follows the news earlier this week that the Global Dairy Trade (GDT) index lifted slightly by 0.3% to make six rises out of seven auctions so far this year, following on from a drop of 3.8% last time out.
Lasting two hours and 15 minutes, the event on Tuesday (April 6) saw 169 participating bidders go head-to-head across 15 bidding rounds, with 99 winning bidders emerging.
A total of 25,104MT of product was sold on the day.
Ornua Co-op appointment
Last month, Ornua Co-Operative announced the appointment of its general counsel John McRedmond to the role of chief risk and compliance officer.
In his new role, McRedmond will join Ornua’s executive leadership team.
He will be responsible for identifying, analysing and mitigating risk, including commercial risk management, operational risk, legal, insurance, corporate procurement, and compliance.
At the time, the Irish dairy exporter said that McRedmond’s role will be “pivotal in supporting Ornua to deliver on its new five-year strategic plan, Ornua 2025″.