Dairygold Co-Operative Society, Ireland's second largest dairy processor, has announced that it is holding its August milk price at 25.5c/l, the same price it paid in July. The price is 1.5cl/ lower than the price it paid in June.

Read our exclusive interview with Jim Woulfe, Dairygold CEO here

Earlier today Co Tipperary-based dairy processor, Arrabawn Co-op, cuts its August milk price by 0.5c/litre. The price cut brings Arrabawn's milk price to approximately 25.8c/litre. The cut is less severe than the 1.5c/litre cut it made for its July milk price in August.

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Arrabawn CEO Conor Ryan confirmed the milk price cut to the Irish Farmers Journal today.

Glanbia and Lakeland announced cuts to their milk price for August earlier this week by 0.5c/litre and 0.75c/litre respectively. Kerry Group held its August price at 26c/litre, the same price it gave in July, and Carbery also decided to hold its July price for August.

Read more: CEO of Lakeland, Michael Hanley: 'You can’t defy the law of gravity'

GDT

On Tuesday, the Global Dairy Trade Index showed an increase of 16.5%, the third consecutive increase since the middle of August. The three consecutive increases come after 10 consecutive drops in the auction since March 2015. Glanbia chairman Henry Corbally welcomed the recent recovery in prices on the GDT, but cautioned that improvements were coming "off a very low base".