Dairygold to hold supplier meeting following milk price cut

Dairygold has announced it is holding a supplier meeting following the announcement this week that it is cutting its August milk price by 3c/l.

The co-op said suppliers will be updated on “the recent significant reduction in certain global dairy market prices” and the related impact on milk price.

Dairygold CEO Michael Harte said the pace of the downturn in market returns is “a surprise”.

“The industry had forecast a decline in dairy market returns in response to increased global milk production, but the speed and extent of the market falls over the last number of weeks has come as a major surprise.

“We have called this meeting to update our members on the current market dynamics and offer them the opportunity to engage with their co-op on the current challenges,” he added.

Dairygold said key dairy products, especially butter and cheese, have recently fallen by over 3c/l.

These falls are particularly challenging, as they come just after peak milk processing, where the industry has higher levels of stock, exposed to a declining market, it added.

Both the Irish Creamery Milk Suppliers’ Association and the Irish Farmers’ Association slammed the 3c/l cut by Dairygold.

The meeting will be held at 2pm in the Firgrove Hotel, Mitchelstown, Co Cork, on Thursday 25 September.