€48.3m of SMP sold out of intervention
The near 42,000t was sold for €1,150/t which is €100/t higher than last month’s sale.
This is a reduction of over 70,000t in the intervention stock overhang so far this year.
“It is now time for co-ops to stop talking down milk prices and to start leveraging the improved returns for the benefit of farmers,” IFA national dairy chair Tom Phelan said.
“Buyers’ understanding that the days of cheap dairy products are over is also in evidence in rising international prices, which in the last week returned between 31c/l (EU MMO) and 34c/l (average of European spots) before VAT for an Irish product mix, after deduction of a nominal 5c/l processing cost.”