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Farmers’ June milk cheques will be up in the region of €140m on this time last year, due to a 50% increase in milk prices.
In June 2016, the average base price across the main co-ops was 21.1c/l (excluding VAT). In June 2017, the average base price comes in at 31.42c/l – a 50% increase.
Nationally, milk volumes are up 10% for June 2017, to 935m litres.
The majority of co-ops have increased their June milk prices by 1c/l. Lakeland was first out of the blocks, with a 1c/l increase to 31.3c/l (excluding VAT) at 3.6% fat and 3.3% protein.
This was followed by Glanbia (31.22c/), Kerry (31.2c/l), Arrabawn (31.93c/l), Dairygold (31.7c/l), LacPatrick (31.54c/l) and Aurivo (31.78c/l), all excluding VAT. Carbery also announced a 1c/l increase.
Global Dairy Trade
Meanwhile, the price index at the Global Dairy Trade auction held steady this week. Butter prices at the auction broke the $6,000/t ceiling.
The price of skimmed milk powder (SMP) fell by 3.2% to $2,024 (€1,750), which is below the current intervention price in Europe.
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