Milk suppliers are expecting a significant upward lift in prices when co-op boards meet to set June milk price next week.
Dutch milk processor FrieslandCampina has increased its July base milk price by 0.5c/l to 33c/l at 3.57% protein and 4.42% fat based on rising prices in neighbouring co-ops. In May, French processors Lactalis and Danone paid almost 5c/l more than Irish prices.
This week prices on the GDT dairy auction jumped 8.3% on the back of whole milk powder prices jumping 14%.
For the last number of weeks European prices for dairy commodities have increased steadily.
The most recent statistics show butter trading at €3,320/t. Whole milk powder is trading higher every week for the last eight weeks with most recent prices at €2,790/t.
IFA dairy chair Tom Phelan said co-ops should now have the confidence to increase June milk prices by at least 1c/l. ICMSA said last week that farmers’ patience on milk prices had ended.
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