The Dairygold board has increased the June quoted milk price by 0.47c/l to 36.36c/l, excluding VAT, based on standard constituents of 3.3% protein and 3.6% butterfat.

The price is inclusive of sustainability and quality payments.

Dairygold chair Pat Clancy said that global dairy markets remain in a broadly similar position to last month, with supply continuing to outpace demand.

“Dairy stocks are high, particularly of butter, but there are some signs that the pace of milk supply growth is slowing and ongoing strong demand for protein has supported the market.

“Dairygold is acutely aware of the impact that the current global imbalance is having on milk prices and remains focused on paying the maximum milk price possible, based on market conditions, to support milk production during these challenging weather conditions. The board will continue to monitor markets closely,” he said.