Glanbia has announced a price of 32.36c/l excluding VAT at 3.3% protein and 3.6% fat for March milk supplies.
The Glanbia base milk price has moved from 29.05c/l in January, to 30.94c/l in February and now to 32.36c/l in March.
March milk cheques will not contain a seasonality bonus that ran in January (4c/l) and February (3c/l).
March cheques will contain the share of GI profit, 0.42c/l, which will be solids corrected.
All in, the Glanbia March milk price should be near 32.85c/l excluding VAT at base solids.
The Ornua purchasing price index (PPI) is up to 112.6 for March after a relatively steady three months prior to that.
This converts into a farmgate equivalent of 34c/l excluding VAT at base solids when the Ornua premium is included.
In February, Glanbia paid €4.80/kg milk solids at 3.55% protein and 4.2% fat or 34.44c/l.
Glanbia Ireland chair John Murphy said: “Increased consumption of fresh dairy produce in China has been a key factor driving higher pricing this year.
“In Europe, strong retail demand continues to partially offset weaker food service sales.
“Market sentiment is now reasonably stable as we approach peak milk supply season in Europe and see strong milk supply growth in the US.
"Some markets, including butter, have been a little more volatile over the past month. Higher prices working their way through the supply chain may also impact on demand.
“The board will continue to monitor developments on a monthly basis.”