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Milk suppliers in the Republic of Ireland will receive a €10m injection in their May milk cheques.
Lakeland, Glanbia, Carbery and Kerry have all announced increases to May milk price as dairy commodity markets continue to harden.
Market
Up to now, milk processors have been paying behind what the market is returning.
The Lakeland farmgate milk price went up 0.5c/l to 34.1c/l base price excluding VAT, at 3.3% protein and 3.6% fat.
The unconditional 1c/l bonus for the last number of months was rolled into base price.
Glanbia lifted by 1c/l to take it to just shy of a base price of 34c/l excluding VAT.
Carbery and Kerry both announced they will be lifting milk price by 1c/l. This will take Kerry to a base price of 33.3c/l.
CSO figures show May 2020 volumes were over 1.1bn litres for the month and 2021 will be up another 3% to 4% on that at least.
The 1c/l boost for May alone will see another €10m go to dairy farmers and the rural economy for the month.
GDT
Dairy prices at this week’s Global Dairy Trade were down 1.3%, with butter prices dropping to €3,803/t.
Prices for skim milk powder (SMP) were down by 1.7% to an average of €2,768/t, while whole milk powder (WMP) prices were also back 1.8% to €3,296/t.
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