Falls in dairy commodity prices over the past six months are partly reflected in lower prices for August milk announced this week.

There are further reductions in the pipeline for September milk, with the European dairy trade seriously affected by the Russian ban on EU imports.

But the prospect of world prices bottoming out in late 2014 or early 2015 was signalled by a steadier trade for milk powders at the Global Dairy Trade auction on Tuesday.

Also, there was no change to the Dutch Dairy Board quoted prices for powders this week.

Prices for butter were down but the Dutch quotes for whey rose, as the prospect of reduced manufacturing of cheese in the EU signals a reduced supply of whey (see full report on page 12).

Meanwhile, base prices for August milk in NI are down from the July level by either 1.5p/l or 2p/l, quoting the prices that were available on Wednesday this week (Table 1).

Fane Valley’s price is 1p/l to 1.5p/l below the others quoted. Prices at United Dairy Farmers, Ballyrashane Co-op and Glanbia Cheese were awaited as the Irish Farmers Journal went to press.