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Carbery boss confident milk price will hold over the peak
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Carbery boss confident milk price will hold over the peak

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CEO of Carbery Group Dan MacSweeney says he is hopeful that milk prices will stabilise over the peak.
CEO of Carbery Group Dan MacSweeney says he is hopeful that milk prices will stabilise over the peak.

This gives a confident message to farmers who are heading into the peak production weeks. Storms in New Zealand have hit supply, caused Fonterra to close a plant and given a 3.1% boost to the GDT auction this week.

He said that markets had been weaker than expected for a couple of months now, driven by increased supplies in Europe and New Zealand. He noted that at the back end of last year, it was the reduced flows which had a positive effect on prices. Adding that this trend continued into 2017.

However, he warned that market pricing for the second half of this year is still a huge challenge due to the current weakness and the overhang of intervention stocks.

His comments come as Carbery announced a 6% rise in profits to €27m. While milk supply growth was not as expected, trending 4.4% higher in 2016, over 2015, the Carbery CEO said that milk supply growth is making up for lost ground and is currently up 16% over the same week last year.

He warned over the challenge that a hard Brexit poses for the dairy industry and especially highlighted cheese, given that Carbery produces some 25% of Irish cheese, with around 60% of that destined for the UK market. More details here.

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