The new base price for both co-ops is now 27.5c/l excluding VAT. So far, all co-ops have increased their November milk price by either 1c/l (Kerry, Carbery, Dairygold) or 2c/l (Glanbia, Lakeland).

In Northern Ireland, LacPatrick increased its base price by 1p/l to 23p/l and added a 2p bonus, bringing its November price to 25p/l.

The increases are underpinned by improving global dairy commodity markets, with Ornua’s Purchase Price Index reaching its highest point since the end of quotas earlier this month.

The European Commission also sent a reassuring signal by accepting only the small number of bids offering €2,150/t for the first lots of skimmed milk powder sold out intervention stocks.

On Thursday, Glanbia opened two new fixed milk price schemes, paying 29.16c/l and 30.1c/l excluding VAT in 2017.

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