Milk processors have dropped their price for August supplies by up to 2.5c/l.
Farmers suppling Tirlán will receive a milk price of 31.5c/l excluding VAT for their August supplies, at 3.6% butterfat and 3.3% protein.
The co-op’s August milk price is down 2.5c/l on July’s milk price of 33.89c/l excluding VAT.
“Strong domestic milk production in China and weaker economic data from that region has also negatively impacted market sentiment,” Tirlán chair John Murphy said.
Also dropping 2.5c/l, Dairygold has confirmed its August milk price at 31.9c/l excluding VAT and at 3.3% protein and 3.6% butterfat.
A Dairygold spokesperson said that “global milk markets continue to weaken due to pressure on demand in key markets, with no sign of near-term correction”.
Lakeland Dairies has cut its August milk price by 1.5c/l to a base of 32.38c/l excluding VAT and Carbery Group cut its milk price for the month by 2c/l. Excluding the Carbery stability fund payment, VAT and an SCC bonus the August base milk is 30.77c/l.
Kerry Group suppliers will receive 33.33c/l excluding VAT for their August milk at 3.3% protein and 3.6% butterfat.
The August milk price compromises a 30.47c/l base price excluding VAT, and a leading price commitment top-up of just under 3c/l, excluding VAT, on all qualifying milk volumes. The latest Kerry Group base price is down 2c/l on the 32.4c/l received for July supplies.
A Kerry Group spokesperson said the outlook on commodity dairy continues to be “bearish, with further downward pressure on European and global pricing”.