Milk prices for March 2026 show a 24% reduction compared to the prices for March 2025, according to the Irish Farmers Journal monthly milk league.

In March 2025, the average base price was 48.11c/l excluding VAT across all of the co-ops, whereas this year it was 36.49c/l excluding VAT – a reduction of almost 12c/l excluding VAT.

For a typical farmer with 100 cows, the impact on the March milk cheque is substantial, with a €5,855 excluding VAT shortfall compared to last year.

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If this price differential continues for the next three months, a further €27,000 excluding VAT will be missing from the milk cheques in April, May and June compared to 2025.

As expected, the four west Cork co-ops supplying milk to Carbery top the league for March with 1.5c/l being paid out of the stability fund to support milk price.

Aurivo and Boherbue are also paying out of co-op stability funds while other co-ops say that they are paying ahead of market returns.

Global dairy markets remain unsteady, but the Global Dairy Trade index increased by 1.5% at this week’s auction.

Butter

Meanwhile, European butter prices continue to fall, with butter now trading as low as €3,700/t which is actually €1,000/t lower than the GDT auction price this week.

Protein continues to be in high demand, with skim milk powder increasing in price by 45% or over €900/t since the start of the year.

High quality whey based proteins are also experiencing price hikes, with whey protein isolate and whey protein concentrate trading at over €20,000/t.

Meanwhile, European milk prices are stable for May, with Friesland Campina holding the base price at 34c/l while Arla increased the base price by 2c/l to 31.65c/l at 3.3% protein and 3.6% fat.