Each month Ornua announces an index price for a basket of commodity dairy products to allow farmers compare global market returns to farmgate milk prices.
Irish farmers are beginning to dry cows this week but New Zealand milk is in full flow.
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The Ornua purchasing price index (PPI) is up once again slightly for November. The result which was published on Wednesday 2 December put the index at 104.3, up from 104.1 last month.
When adjusted for the Ornua Value Payment and accounting for a 7c/l assumed processing cost it puts the October equivalent milk price at 31.4 c/l, excluding VAT (33.1 incl VAT), up from 31c/l (32.7 c/l incl VAT) in October.
Using the index we can calculate the November equivalent price at 28.7 c/l and then add on the estimate of the Ornua value payment of 2.7 c/l to get the equivalent of 31.4 c/l, excluding VAT, (33.1 incl VAT). Farmers can compare this Ornua price directly with their own co-op milk prices.
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GDT
The Global Dairy Trade (GDT) price index rose 4.3% this week. It follows a 1.8% rise in the last auction. The average price now stands at just under $3,261 (€2,707). The key product for the auction is whole milk powder and it lifted by 5% to $3,182 (€2,642).
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The Ornua purchasing price index (PPI) is up once again slightly for November. The result which was published on Wednesday 2 December put the index at 104.3, up from 104.1 last month.
When adjusted for the Ornua Value Payment and accounting for a 7c/l assumed processing cost it puts the October equivalent milk price at 31.4 c/l, excluding VAT (33.1 incl VAT), up from 31c/l (32.7 c/l incl VAT) in October.
Using the index we can calculate the November equivalent price at 28.7 c/l and then add on the estimate of the Ornua value payment of 2.7 c/l to get the equivalent of 31.4 c/l, excluding VAT, (33.1 incl VAT). Farmers can compare this Ornua price directly with their own co-op milk prices.
GDT
The Global Dairy Trade (GDT) price index rose 4.3% this week. It follows a 1.8% rise in the last auction. The average price now stands at just under $3,261 (€2,707). The key product for the auction is whole milk powder and it lifted by 5% to $3,182 (€2,642).
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