Dairygold increases August milk price as European supplies slow

The Dairygold board has confirmed an increase in its August milk price to 37.3c/l, excluding VAT.

This is an increase of 0.48c/l on the July figure, and is the second month in a row the co-op has increased its price.

The quoted price is based on standard constituents of 3.3% protein and 3.6% butterfat and is inclusive of sustainability and quality payments.

The price increase comes on the back of an improved dairy market, driven by protein and cheese returns and a slowed European supply growth, Dairygold chair Pat Clancy said.

"Dairy market sentiment has continued to improve in recent weeks, supported primarily by protein and cheese returns and a slowdown in European milk supply growth," he stated.

He added that the board “continues to monitor markets closely and will review milk price on a monthly basis”.