Butter prices have not fallen over a quarter since quarter one (Q1) in 2016 with these particular figures the highest recorded since the GDT’s establishment. This rise in current butter prices have been attributed to increased US demand.
In general, the GDT price index rose by 12% this quarter. This (Q2) rise comes after a 10% fall in the price index recorded in (Q1).
Skimmed milk powder (SMP) rose by 14% in Q2, having experienced a 25% fall in Q1.
Whole milk powder (WMP), despite reducing in price over June, is also up in the quarterly figures by 6% having fallen by 20% in Q1.
SMP and WMP, as well as BMP, are up by an average of 28% on prices this time 12 months ago.
Cheddar also rose by just over 20% in Q2, peaking to $4,284 USD/MT, the highest price recorded for cheddar since July 2014.
Speaking at Thursday Bord Bia’s Brexit Baromater, Dairygold boss Jim Woulfe told the Irish Farmers Journal that current butter prices were unsustainable and that Ireland’s dependence on the UK market for cheddar will force the industry to diversify. Currently, 18% of Ireland’s milk pool is dedicated to cheddar, most of which is destined for the UK market.
Read more
Dairy markets: butter price continues to rise
Concentration of Irish cheddar in UK ‘high risk’
Butter prices have not fallen over a quarter since quarter one (Q1) in 2016 with these particular figures the highest recorded since the GDT’s establishment. This rise in current butter prices have been attributed to increased US demand.
In general, the GDT price index rose by 12% this quarter. This (Q2) rise comes after a 10% fall in the price index recorded in (Q1).
Skimmed milk powder (SMP) rose by 14% in Q2, having experienced a 25% fall in Q1.
Whole milk powder (WMP), despite reducing in price over June, is also up in the quarterly figures by 6% having fallen by 20% in Q1.
SMP and WMP, as well as BMP, are up by an average of 28% on prices this time 12 months ago.
Cheddar also rose by just over 20% in Q2, peaking to $4,284 USD/MT, the highest price recorded for cheddar since July 2014.
Speaking at Thursday Bord Bia’s Brexit Baromater, Dairygold boss Jim Woulfe told the Irish Farmers Journal that current butter prices were unsustainable and that Ireland’s dependence on the UK market for cheddar will force the industry to diversify. Currently, 18% of Ireland’s milk pool is dedicated to cheddar, most of which is destined for the UK market.
Read more
Dairy markets: butter price continues to rise
Concentration of Irish cheddar in UK ‘high risk’
SHARING OPTIONS